Luxury Dubai property prices edge upwards in Q2

23 August 2019

Luxury Dubai property prices edge upwards in Q2

New research by Knight Frank says prime residential values in Dubai rise 0.3% in second quarter but are 6% down year-on-year

Luxury property prices in Dubai registered their first rise for years during the second quarter of 2019, according to new research by Knight Frank.

Prime residential values rose by 0.3 percent in the three-month period to the end of June but were still down by 6 percent over the past year.

That placed the emirate 42nd out of 46 cities covered in the latest Knight Frank Prime Global Cities Index.

Berlin is the city with the strongest rate of annual price growth at 12.7 percent with the average annual prime price growth across the 46 cities at 1.4 percent, Knight Frank noted.

It added that 26.3 percentage points separated the strongest and weakest performing city, which was Vancouver in Canada which posted annual price drops of over 13 percent.

Knight Frank said 78 percent of cities registered a prime price increase over the 12-month period.

In June, Knight Frank said Hong Kong remains the most expensive prime residential city market in the world, with an average prime price of $4,251 per sq ft in 2018.

According to latest data from its Wealth Report Insight Series, across the 10 cities surveyed, Dubai remains the most affordable market with an average price of $625 per sq ft, just 15 percent of the average price in Hong Kong.