Dubai tops global luxury home price index
by rayan on August 27, 2023
Dubai Leads Luxury Property Price Growth for 8th Consecutive Quarter 📈
Dubai continues to dominate the luxury real estate market, with prices surging by an impressive 48.8% in the past year, according to Knight Frank’s ‘Prime Global Cities Index Q2 2023.’ This remarkable growth marks an incredible 225% increase since the pandemic-induced lows of Q3 2020. Globally, prime property prices saw a 1.5% annual rise across 46 markets.
The Prime Global Cities Index, tracking prime residential prices worldwide, also recognized Tokyo and Manila as strong performers, securing second and third places, respectively. Mumbai, with the sixth-highest YoY growth, is forecasted to lead with 5.0% annual growth in 2024.
Liam Bailey, Knight Frank’s Global Head of Research, highlights factors supporting these price surges: strong demand, limited supply due to pandemic disruptions, and the gradual return of urban workers. Furthermore, as inflation uncertainties ease, price adjustments in many markets may be less severe than expected.
However, some cities faced price declines, with Wellington experiencing a 15.1% drop, Frankfurt down 12.9%, and San Francisco with an 11.1% decrease. Notable cities with annual declines include London, Hong Kong, Los Angeles, and New York.
Looking ahead, Knight Frank predicts Mumbai and Auckland to lead with a 5.0% increase in prime residential prices in 2024, driven by improving GDP figures, relative value, and infrastructure investments. Despite global economic concerns, the Indian economy’s resilience and stability have set it apart.
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