Dubai’s luxury home prices rise the most, Hong Kong still the most expensive prime residential market, Savills says
- Certain cities are expected to outperform amid rising interest rates and muted global economic growth, ‘with Dubai forecast to lead the way’: Savills executive
- Prime residential prices in Hong Kong stood at an average of US$4,110 per square foot in the first half
Dubai, the largest city in the United Arab Emirates, saw luxury home prices rise 11.2 per cent to an average of US$800 per square foot in the January-to-June period, compared to prices at the end of December, Savills said. The city is likely to keep its crown for the rest of the year, it added.
On an annual basis, however, the 1.9 per cent rise in overall luxury homes was the slowest since December 2020, Savills said. It defines luxury homes as properties priced in the top 5 per cent of the market in each city.
“The slowdown in sales markets – first recorded in the second half of last year – has continued into 2023, in the face of rising interest rates and muted global economic growth,” said Paul Tostevin, director, Savills world research. “Certain cities are expected to outperform, with Dubai forecast to lead the way with growth of between 6 per cent and 7.9 per cent expected.
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