Dubai prices have dropped 32 percent in the last year and 40 percent in the last quarter, according to the latest edition of the Knight Frank Global House Price Index, released today.

Along with Dubai, Latvia (36 percent) and Singapore (23.8 percent) saw the largest declines since the first quarter of 2008, the property firm reports.

Israel posted the largest gain in the last year, a 10.9 increase from the first quarter of 2008, followed by the Czech Republic with a 9.9 percent increase, Jersey (an island off the coast of Normandy that is part of the British commonwealth) with a 6.9 percent jump and Switzerland, which recorded a 5.6 percent increase.

But Knight Frank saw little good news in the numbers, predicting the slump in property prices is likely to continue through the remainder of 2009.

“The world’s housing markets remain under intense pressure with little real evidence of any of the hoped for ‘green shoots,’” head of international research Nick Barnes said in a press release.  “The inescapable trend is that the worst and most widespread economic recession since the 1930s continues to batter housing markets across the globe.”