Dubai remains major hub for UHNWIs; tops Knight Frank’s Prime International Residential Index

Dubai remains major hub for UHNWIs; tops Knight Frank’s Prime International Residential Index

Price of luxury homes in Dubai rose the fastest globally last year, aided by the high influx of millionaires drawn to the emirate by numerous expat-friendly visa initiatives, according to Knight Frank’s latest wealth report.

For the second year running, Dubai led the Prime International Residential Index (PIRI 100) of Knight Frank, with costs of premium residential properties in the emirate registering a 44.2% growth last year, the highest in the world.

Dubai’s position in the index cements the city’s status as a “second hub for global UNHWIs”, assisted by the UAE’s numerous visa initiatives, Knight Frank said.

The index tracks home prices in 100 markets worldwide. According to the report, Dubai’s price increases are significantly higher than in other markets like Aspen, which came second with 27.6% price growth, Riyadh (25%), Tokyo (22.8%) and Miami (21.6%).

The report said Dubai will grow “rapidly” as a wealth hub. “Dubai has developed a very pragmatic approach to attracting wealthy residents – and has worked hard to correct a perceived area of weakness, namely length of stay,” Knight Frank said.

“Visa options used to be mostly short term and work related, but with the Golden Visa scheme, longer-term residence becomes a possibility.”

High-net-worth individuals have become increasingly mobile