Dubai’s prime real estate prices set to see strongest growth in 2023

The prices of prime residential properties in Dubai are set to record steepest growth in 2023, according to global property consultancy firm Knight Frank’s 2023 Prime Prediction report. It said that the prices are set to rise by 13.5 per cent next year as foreign buyers and high-net-worth individuals continue to show keen interest to buy properties in Dubai’s Palm Jumeirah, Emirates Hills and Jumeirah Bay Island. 

In Dubai, the number of new high-end homes already developed and under development at present are reportedly failing to keep pace with demand. This gap continues to contribute to the steep property rise in the Emirati business hub.

Miami is second on the list with a forecast annual percentage change of 5 per cent, followed by Dublin, Los Angeles, Lisbon, Madrid, Paris and Singapore, which are expected to see prices rising at 4 per cent.

Zurich, which has been ranked by other studies as one of the costliest cities to live in, will see prime home prices growing by 3.5 per cent, while Monaco will see a growth of 3 per cent.

Shanghai and New York are forecast to post 2 per cent increase in prices.

The Prime Global Cities Index is an index based on valuation that tracks the momentum or its lack thereof, in prime residential prices in local currency in over 45 cities worldwide using Knight Frank’s global research network.

All three Indian cities (Mumbai, Bengaluru and New Delhi) witnessed an increase in average annual prices. Mumbai moved up from 39th rank in Q3 2021 to 22nd rank in Q3 2022. Bengaluru and New Delhi also went up in the index ranking from 41th rank and 38th rank respectively in Q3 2021 to 27th rank and 36th rank respectively in Q3 2022.

The rise in average prices in Mumbai was recorded at 4.8 per cent year-on-year (YoY), Bengaluru (3.3 per cent YoY) and New Delhi (1.2 per cent YoY) during the 12-month change (Q3 2021-Q3 2022).

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