Emirate is second best performing real estate market in world behind China during first quarter
House prices in Dubai rose more than nine percent in the three months to the end of March, according to the latest Knight Frank Global House Price Index.
The real estate consultancy's index showed that the emirate was the second best performing country out of 55 covered between Q4 2012 and Q1 2013, behind China which registered growth of 10.7 percent.
Dubai's 9.2 percent growth brought annual price rises in the emirate to 21.1 percent compared to Q1 2012.
The index also showed that prices in the Dubai property market rose on average by 18.9 percent since Q3 last year.
The report, published on Monday, comes as the real estate market in Dubai enters a new phase of growth and recovery following its decline during the global economic crisis when prices fell more than 60 percent from 2008 peaks.
Thirty five of the 55 housing markets (63 percent) tracked by Knight Frank recorded an increase in mainstream property prices in the year to March.
The index now stands 14.7 percent above its recessional low in Q1 2009.
Property prices in all world regions, except Europe, increased in the year to March with the Middle East performing best, rising by 10.6 percent on average.
The Knight Frank index ranked Hong Kong as the top real estate market for growth over the last 12 months, registering 28 percent growth.
Globally, house prices rose on average by two percent during Q1 and by 6.6 percent over the 12-month period.
Greece recorded the largest annual fall in prices for the third consecutive quarter, declining by nearly 12 percent and the Eurozone crisis continues.
Europe was the weakest-performing region with house prices falling by 0.3 percent on average during the last year.
The US saw prices rise by more than 10 percent, its highest rate of annual growth since 2006, Knight Frank said.