According to a Q2 2023 research by Knight Frank, Dubai has maintained its position as the world’s top market for luxury real estate, with price growth of 48.8% in the emirate in the year prior to June 2023.
Dubai has now held the top spot in the Prime Global Cities Index for nine consecutive quarters as a result of the biggest increase ever seen worldwide.
The pandemic caused a low in the emirate’s property prices in Q3 2020; however, since then, they have increased by 225%.
“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.
Tokyo and Manila ranked second and third, respectively, on Knight Frank’s chart for the increase of luxury property prices, with annual price growth rates of 26.2% and 19.9%, respectively.
Miami rose to fourth place with a 7.5% improvement, followed by Shanghai (6.7%).
The valuation-based index tracks the prices of lavish residences around the globe.
Average annual price increases in the 46 survey areas were 1.5%, which represents an improvement over the previous quarter.
Despite price reductions in 14 areas during the same time period, 57% of the cities reported price rises for 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 growth since the third quarter of 2022,” Knight Frank said.
However, other big markets have slowed down. Toronto is one of these markets, where prices decreased by 0.1%, while other markets with price declines include London (-0.5%), Brisbane (-1%), Beijing (-1.5%), Hong Kong (-1.5%), Los Angeles (2.5%), and New York (-3.9%).
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