Dubai tops global luxury home price index

Dubai tops global luxury home price index

Prices of luxury homes in Dubai surged by 48.8% in the 12 months to June

Cars drive along a street in front of high-rise buildings in Dubai. Home to towering skyscrapers and ultra-luxury villas, Dubai saw record real estate transactions in 2022. — AFP file

Published: Thu 24 Aug 2023, 5:24 PM

Dubai maintained its top position in an index of prime global cities for recording the world’s highest growth in luxury property prices for the eighth consecutive quarter.

Prices of luxury homes in Dubai surged by 48.8 per cent in the 12 months to June of this year, Knight Frank noted in its report ‘Prime Global Cities Index Q2 2023.’ Since reaching a pandemic low in Q3 2020, luxury home prices in Dubai have soared by 225 per cent, it added.

Globally, average annual prices rose 1.5 per cent across the 46 markets covered by the index in the 12-month period to June. The result marked an improvement on the prior quarter with 57 per cent of cities seeing prices rise over the quarter.

The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across cities worldwide. The index tracks nominal prices in local currency.

By recording a price growth