Dubai has recorded the highest price increase in the past one year, data available with global property brokerage firm Knight Frank Show.
On Knight Frank’s Prime Global Cities Index Q3 2022, Dubai topped the chart indicating 88.8% annual increase in average property prices during the July-September period of 2022 (Q3CY2022).
Even though Miami and Tokyo stood at second and third spots, respectively, price growth in the two cities was comparatively less intense— average annual values increased 30.8% for Miami and 17% for Tokyo. As against 6 cities which registered a double-digit price growth during the quarter, 19 cities showed a decline in prime residential prices between June and September 2022, shows the index.
Los Angeles, Gold Coast and Zurich ─ these countries grabbed the 4th, 5th and 6th positions on the index, respectively ─ were the other 3 cities which recorded double-digit price growth in the third quarter of calendar year 2022.
The Prime Global Cities Index is a valuation-based index tracking the movement in prime residential prices in local currency across 45+ cities worldwide, using Knight Frank’s global research network.
Mumbai ranked 22nd on the index with 4.8% annual growth in average property values. Last year, India’s financial capital was placed at the 39th spot on the index. Bangalore is placed at the 27th position this year while Delhi occupied the 36th spot.
