Dubai’s luxury property market has seen a remarkable surge of 48.8% in prices over the year ending in June. This outstanding growth has positioned Dubai at the forefront of the Prime Global Cities Index, securing its top rank for eight consecutive quarters.
Since the third quarter of 2020, when luxury property prices experienced a pandemic-related dip, Dubai’s real estate landscape has witnessed an astounding 225% price escalation. This trajectory demonstrates the city’s resilience and attractiveness as a global investment hub.
Despite a peak of 10.2% in the final quarter of 2021, the average annual price increase across the 46 markets covered by the Index was 1.5% in the 12 months ending June. While this figure is notably lower, it still represents the most robust growth rate since the third quarter of the previous year.
Over the last quarter, 57% of cities in the index registered price upswings. Tokyo and Manila secured the second and third positions on the index, boasting growth rates of 26.2% and 19.9% respectively. An interesting standout was Stockholm, which exhibited an impressive leap from 41st place in Q1 to secure 10th place in the second quarter, showcasing the city’s rapidly improving performance.
In Summary Dubai’s luxury property market has surged nearly 50% in prices, showcasing remarkable growth and clinching the top spot on the prestigious Prime Global Cities Index. Despite global housing markets encountering pressures from rising interest rates, Dubai’s performance stands out due to strong demand, supply disruptions, and a gradual return to urban centers. The city’s real estate landscape continues to be a beacon of opportunity and stability, attracting investors from around the world.