Dubai real estate growing fastest in the world: Report
The city leads the 25-city forecast for 2023 with expected price growth of 13.5%
Dubai leads the 25-city forecast for 2023 with price growth expected to reach 13.5 percent. Across the cities traced the price prices were expected to rise by 2 percent on average in 2023, according to a report by Knight Frank.
Cities of Miami and Los Angeles occupy the second and third spot after Dubai, however, the forecast rate has dropped in the past six months as recessionary fears get stronger. Fixed mortgage rates in the US has exceeded 7 percent and a mansion tax is being considered in Los Angeles for homes priced above $5 million.
Residential values in Dubai’s prime markets which include the areas of Palm Jumeirah, Emirates Hills and Jumeirah Bay Island strengthen with a growth rate of 29 percent in the third quarter of 2022.
According to the report, the price rises can be attributed to a shortage of new supply and string inflows of ultra-high-net-worth individuals (UHNWI) who are targeting second homes in Dubai.
Among the most popular cities to purchase a home, Dubai ranks in the top three and is most popular with HNWIs based in the Chinese mainland, placing just after London and New York.
