(Bloomberg) -- Shares listed in the biggest city of the United Arab Emirates tumbled 2 percent Thursday to the lowest in more than five years as a slump in real estate stocks showed no signs of abating.

Dubai’s DFM General Index has fallen 23 percent this year, making the gauge the worst performer globally, with Emaar Properties PJSC, Damac Properties PJSC and Union Properties PJSC losing at least 40 percent of their market value.

With hopes for a short-term recovery faltering, Dubai shares trade cheaper when compared to peers in other emerging markets. Emaar Properties, the developer of the world’s tallest tower and which fell 4.3 percent on Thursday, is trading at 4.5 times estimated earnings for the next 12 months, the lowest since 2010.

The MSCI Emerging Markets Index slumped more than 2 percent.

To contact the reporter on this story: Filipe Pacheco in Dubai at fpacheco4@bloomberg.net

To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Blaise Robinson, Phil Serafino

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