Last modified: 2014-10-14 20:54:39 UTC
(Meh, submitted before I finished filing the bug.) Probably caused by using LIMIT+OFFSET in SQL queries instead of some index.
This query page is rather weird if you compare it to the build in pages. You would expect it to run on a daily basis and keep results cached. Now it seems to run every time someone opens it.
It's also basically a complement of [[Special:PagesWithProp/wikibase_item]] (recently added in core), so even uncached queries should be blazing fast.