Dubai property market among top 20 says report
Dubai, March 11, 2013
Dubai ranks among the 20 most expensive residential real estate markets in world, according to the latest annual Wealth Report produced by Knight Frank.
Monaco remained the most expensive residential real estate market in the world, where luxury home prices in Q4 2012 ranged from $4984 to $5,521 per sq ft. Hong Kong ranked second with prices ranging from $4,250 to $4,700 per sq ft, the study said.
Dubai property market has experienced a significant turnaround and the recovery is gaining strength, said the Knight Frank report.
Dubai property market saw prices of luxury assets ranging between $477 and $537 per sq ft in the final quarter of 2012, which put the emirate in the 19th position among the 20 top cities.
In terms of price growth, Dubai was placed second along with Bali among the 80 destinations in the world tracked by the Knight Frank index.
More Construction & Real Estate Stories
- Cluttons seals tenancy deal with Durrat
- Masdar launches wind farm in Seychelles
- Drake & Scull mulls dual listing in Saudi
- APR Energy wins biggest Libya power contract
- Carillion Alawi wins $201m Oman contract
- Aldar awards $1.1bn contract to Arabtec venture
- Bahrain’s $62m flyover set for July opening
- Bahrain VCBank acquires prime UK property
- Arabtec names Qatar business head
- $1.2bn Kingdom Tower project on track