Dubai house prices rise 9.2% in Q1 - Knight Frank

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: vikram

why are the people dont understand the economy has to work on "price elasticity of demand" otherwise doom to fail (or rather get caught on the lie being spread like this one)

Posted by: Neil

The dollar has been, and continues to be, massively devalued. A property/asset bubble like the world has never seen is coming. Hold on to your hats!!!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

Most Discussed
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew