Dubai:
The average price of luxury homes in Dubai rose 5.4 per cent in the first quarter of 2013, putting the emirate among the top prime residential markets in cities globally.
Top-end home prices in Dubai increased 18.3 per cent over the last 12 months, ranking it fourth among the world’s luxury property markets, according to a report by Knight Frank.
The Prime Global Cities Index showed that Jakarta, Bangkok and Miami topped the ranking of 29 global cities with annual price growth of 38.1 per cent, 26.1 per cent and 21.1 per cent respectively.
Globally, luxury property prices fell on average by 0.4 per cent in the first quarter of 2013. Tokyo, recording a 17.9 per cent drop in prices, was the weakest performing city in the past 12 months.
European cities dominated seven out of the bottom ten ranks on the list, with the region as a whole showing a 2.3 per cent drop in prime property prices on average.
The Knight Frank Prime Global Cities Index, established in 2011,
Tracks and compares the performance of prime sales markets across 29 key global cities. Prime property corresponds to the top 5 per cent of the mainstream housing market in each city.
