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DUBAI: Luxury home prices rose at fastest rate on record with Dubai leading at 44 percent in a year, according to a latest research report from Knight Frank.
According to The Wealth Report, prime prices in Dubai accelerated in 2021, sending the Emirate to the top of Knight Frank’s Prime International Residential Index 100 — PIRI 100 — which covers prime price performance in 100 city and second home markets worldwide.
Dubai saw seven years of negative price growth with overall prices still 30 percent below their 2014 peak.
Moscow came in second place, with price growth of 42 percent due to Russia’s mortgage subsidy programme and tight supply.
San Diego, Miami, and The Hamptons make up the rest of the top five on Knight Frank’s list.
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