Dubai’s prime real estate prices are set to see the strongest growth in 2023
According to the 2023 Prime Prediction study from global real estate consulting firm Knight Frank, Dubai’s high residential housing costs are expected to have their fastest growth in 2023. According to the report, costs are expected to increase by 13.5% percent the next year as foreign buyers and high-net-worth individuals continue to show a keen interest in purchasing houses in Dubai’s Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island.
According to reports, the number of new high-end homes in Dubai that are now under construction and in development has not kept up with demand. This gap continues to contribute to the rapid property growth inside the Emirati business hub. Miami comes in at number two on the list with a predicted annual percent change of five percent, followed by Dublin, Los Angeles, Lisbon, Madrid, Paris, and Singapore, where costs are predicted to rise by four percent.
High domestic costs are expected to rise by three.5% percentage points in Zurich, which has been identified by many studies as one of the most expensive cities to live in, while Monaco will see a three percentage point increase. New York and Shanghai are expected to see a 2-cent per dollar increase in costs
The Prime Global Cities Index is a valuation-based index that uses Knight Frank’s global research network to assess the growth—or lack thereof—of high residential prices in local currencies in over 45 cities globally. Mumbai, Bengaluru, and New Delhi, the three Indian cities, all saw an increase in typical yearly costs. Mumbai improved from position thirty-ninth in Q3 2021 to position twenty-second in Q3 2022. In the index rating, Bengaluru and New Delhi also improved, moving from positions 41 and 38, respectively, in the third quarter of 2021 to positions 27 and 36, in the third quarter of 2022.
During the 12 months, the increase in average costs in Mumbai was 4.8% mth (YoY), Bengaluru 3.3% YoY, and New Delhi 1.2% YoY. (Q3 2021-Q3 2022).
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