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Dubai remains the world’s number one market for prime property, with luxury house prices in the emirate surging by 48.8% in the 12 months to June 2023, according to a Q2 2023 report by Knight Frank.
The increase is the highest globally and places Dubai in the top position in the Prime Global Cities Index for the eighth consecutive quarter.
Property prices in the emirate have now skyrocketed by 225% after reaching a low in Q3 2020 due to the pandemic.
“[The] strong growth in Dubai continues. The emirate maintained its top position in our ranking for the eight consecutive quarter,” Knight Frank said in its report.
Luxury property prices also rose considerably in Tokyo, at 26.2%, followed by Manila (19.9%), securing the second and third spots, respectively, in Knight Frank’s table for annual price growth.
Miami came in the fourth position with a 7.5% growth, followed by Shanghai (6.7%).
The valuation-based index tracks the prices of luxury properties around the world.
On average, annual prices rose by 1.5% across the 46 markets included in the study, indicating an improvement on the previous quarter.
More than half of the cities (57%) saw prices rise over the quarter, although 14 markets registered price declines over the same period.
“The 1.5% average annual growth remains modest, and well down on the recent peak of 10.2% seen in the final quarter of 2021 but is the strongest rate growth since the third quarter of 2022,” Knight Frank said.
Other top markets, however, have witnessed a slowdown. These markets include Toronto, where prices fell by 0.1%, London (-0.5%), Brisbane (-1%), Beijing (-1.5%), Hong Kong (-1.5%), Los Angeles (-2.5%) and New York (-3.9%), among many others.
(Writing by Cleofe Maceda; editing by Seban Scaria)
