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According to Knight Frank, among the top 100 cities in the world, Dubai stood out by seeing its prices increase by 44% in 2021.
Real estate consultancy Knight Frank believes that the global luxury housing boom will not fade this year and that the race will continue, led by Dubai, Miami and Zurich.
Faisal Durrani, partner and head of Middle East research at Knight Frank explains, “Unrelenting demand from the world’s wealthy has fueled a dramatic turnaround in Dubai’s residential market, as the authorities’ decisive management of Covid-19 has caught the attention of global investors. And in a market dominated by sentiment, this has helped to dramatically mark the beginning of the city’s third real estate cycle.”
Cities at the top of the rankings
Knight Frank’s Prime International Residential Index 100 (PIRI 100) analyzes price performance in 100 cities and second home markets around the world. Andrew Cummings, partner and head of Prime Residential at Knight Frank Middle East says Dubai’s status at the top of the Prime Price Index is no surprise. “In the post-Covid environment, ultra-high-net-worth buyers have been coming to Dubai in huge numbers, and while their initial visits were driven by the UAE’s handling of the pandemic, their decision to buy property in the emirate has been driven by something entirely different. Dubai’s investment in world-class infrastructure, healthcare and education, coupled with exceptional lifestyle and amenities, among the world’s best restaurants and hotels, has helped transform the city into a destination where people want to own property.”
With a 42% price growth, Moscow comes in second place. San Diego, Miami and the Hamptons make up the rest of the top five. Only 7 cities saw prices decline in 2021 and 35% of cities saw prices increase by 10% or more, highlighting the strength of the seller’s market during the pandemic. Overall, the Americas continue to be a strong performer, with six of the top 10 rankings and average growth of nearly 13%.
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According to Knight Frank, among the top 100 cities in the world, Dubai stood out by seeing its prices increase by 44% in 2021.
Real estate consultancy Knight Frank believes that the global luxury housing boom will not fade this year and that the race will continue, led by Dubai, Miami and Zurich.
Faisal Durrani, partner and head of Middle East research at Knight Frank explains, “Unrelenting demand from the world’s wealthy has fueled a dramatic turnaround in Dubai’s residential market, as the authorities’ decisive management of Covid-19 has caught the attention of global investors. And in a market dominated by sentiment, this has helped to dramatically mark the beginning of the city’s third real estate cycle.”
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According to Knight Frank, among the top 100 cities in the world, Dubai stood out by seeing its prices increase by 44% in 2021.
Real estate consultancy Knight Frank believes that the global luxury housing boom will not fade this year and that the race will continue, led by Dubai, Miami and Zurich.
Faisal Durrani, partner and head of Middle East research at Knight Frank explains, “Unrelenting demand from the world’s wealthy has fueled a dramatic turnaround in Dubai’s residential market, as the authorities’ decisive management of Covid-19 has caught the attention of global investors. And in a market dominated by sentiment, this has helped to dramatically mark the beginning of the city’s third real estate cycle.”
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