According to a Q2 2023 analysis by Knight Frank, Dubai continues to be the world’s leading market for luxury real estate, with prices in the emirate rising by 48.8% in the 12 months leading up to June 2023.
Dubai now leads the Prime Global Cities Index for the ninth consecutive quarter due to the greatest rise ever recorded globally.
Property values in the emirate hit a low in Q3 2020 owing to the epidemic, but have since soared by 225%.
“[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.
With yearly price growth rates of 26.2% in Tokyo and 19.9% in Manila, the two cities took the second and third places on Knight Frank’s chart for luxury property price growth, respectively.
With a 7.5% gain, Miami moved up to fourth place, followed by Shanghai (6.7%).
The valuation-based index keeps tabs on the costs of opulent homes all over the world.
The 46 areas included in the survey saw yearly price increases of 1.5% on average, which is an improvement over the previous quarter.
Although 14 markets recorded price cuts during the same time period, more than half of the cities (57%) reported price increases during the quarter.
“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 of growth since the third quarter of 2022,” Knight Frank said.
However, there has been a slowdown in other significant markets. One of these markets is Toronto, where prices dropped by 0.1%, followed by London (-0.5%), Brisbane (-1%), Beijing (-1.5%), Hong Kong (-1.5%), Los Angeles (2.5%), and New York (-3.9%), to name a few.