The number of buyers in Dubai who have been pre-approved by lenders for mortgages and subsequently decided to abandon purchasing a property is as high as 40%, a Dubai-based finance company has told Arabian Business.

Earlier this week, Colliers International’s Dubai House Price Index found that quarterly house prices in the emirate rose by one percent in the fourth quarter of 2009 and by 42 percent year-on-year since compared to Q4 2008.