Property

Prime Dubai property prices drop 1.9% in six months

Luxury property values in cities like Miami and Sydney outpace Dubai market, Knight Frank research shows

PHOTO: Knight Frank’s Prime Global Cities Index placed Dubai in 27th place in its ranking of 35 cities globally. Credit: Shutterstock

Luxury property prices in Dubai dropped 1.9% between September and March as the market correction continues, research by Knight Frank shows.

After several periods at or near the top of the UK estate agency’s rankings, the emirate is now behind cities such as Miami, Dublin and Sydney in terms of prime property rises.

Knight Frank’s Prime Global Cities Index placed Dubai in 27th place in its ranking of 35 cities globally, with North American and Australian cities performing particularly well.

European luxury homes have, on average, been the weakest performers globally over the last year, Knight Frank said.

“If we were to omit cities in North America and Australia, the index would have recorded growth of 2.3% instead of 3.9% in the year to March 2015,” said Kate Everett-Allen, a partner in residential research at Knight Frank.

Globally, luxury properties are on average 46% more expensive than in the second quarter of 2009 when the index hit its low during the financial crisis.

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