Luxury residential prices in Dubai have fallen by nearly two percent over the past six months, according to Knight Frank’s latest Prime Global Cities Index.
Its report showed that prices of upmarket properties in the emirate dropped by 1.9 percent between last September and the end of March this year.
It also revealed that prices were down by 0.8 percent in the last three months and by 1.1 percent in the past 12 months.
However, the luxury market in Dubai has outperformed mainstream prices which fell by more than six percent in the second half of 2014, according to the Global House Price Index published in March.
Of 35 luxury residential markets covered around the world, Dubai was ranked 27th, with 23 markets showing a price increase over the past year.
Top of Knight Frank’s latest Prime Global Cities Index was San Francisco where Q1 prices were more than 14 percent higher than the year-earlier period.
However, it was a mixed picture with previous strong performers such as London and Dubai slipping back while cities such as San Francisco, Vancouver and Sydney climbed the rankings.
North American cities occupied three of the top four rankings for annual price growth while globally, luxury properties are, on average, 46 percent more expensive than in Q2 2009 when the index hit its financial crisis low.
European luxury homes have, on average, been the weakest performers globally over the last year, Knight Frank added.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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