Dubai still tops the world’s major cities in expectations of rising residential property prices for 2023. However, the increase rate is expected to drop this year to 14% from 44% in 2022, according to the latest report by the real estate company “Knight Frank.”
The company said that among 26 cities that follow the changes in housing prices, Dubai still leads the global ranking for this year, and that of these cities, 20 cities are still likely to record steady growth or even a steady increase in prices during 2023. However, Dubai is far ahead of its closest competitors, Tokyo, Paris, Madrid, and Miami, as the company expects that the increase in property prices in these four cities will not exceed 4% during 2023.
In a previous report issued by “Knight Frank” on the performance of the real estate market in the major global cities during the first quarter of 2023, the company indicated that luxury property prices in Dubai jumped by 149% at the end of March compared to their levels at the beginning of the Corona pandemic during the first quarter of 2020, where that period witnessed a significant increase in demand for luxury properties priced at $10 million or more in the emirate.
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In its analysis of the markets, “Knight Frank” says that the repercussions of high inflation and the interest rate hike campaign worldwide have reflected on the volume of sales of luxury properties in major cities worldwide. Still, they have remained far from prices, and perhaps the reason for this is that the luxury real estate market remains far from The effects of monetary policies, given that a large proportion of buyers (46%) pay cash for the properties they buy.
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