Dubai’s luxury home prices rise the most in H1

Dubai’s luxury home prices rise the most in H1

Dubai remains the global number one location for luxury real estate in 2023

Published: Wed 26 Jul 2023, 4:16 PM Last updated: Wed 26 Jul 2023, 4:17 PM

Dubai remains the global number one location for luxury real estate in 2023 as it recorded the highest price jump in luxury homes in the January-to-June period, compared to prices at the end of December.

Luxury home prices in the emirate rose 11.2 per cent to an average of $800 per square foot in the January-to-June period, ranking the city at the top among 30 cities that Savills tracks globally, while Hong Kong still has the world’s most expensive prime residential property.

Across the world, luxury home prices rose in the first half of 2023 by an average of 1.1 per cent in the first half of the year, the Savills World Cities Prime Residential Index for July 2023 reported. Savills defines luxury homes as properties priced in the top 5.0 per cent of the market in each city.

“The slowdown in sales markets – first recorded in the second half of last year – has continued into 2023, in the face of rising interest rates and muted global economic growth,” said Paul Tostevin, director, Savills world