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30-11-22
Dubai's prime residential market ready for biggest expansion next year
(MENAFN) Dubai's prime housing market is ready for the world's strongest expansion in 2023, in line with a new report.
In the 25 cities tracked, property consultancy Knight Frank anticipates prime residential costs to increase by 2 per cent on average next year, falling from 2.7 per cent predicted in May.
It expects Dubai to blaze a trail with a 13.5 per cent increase in prime costs, before the likes of Miami (5 per cent), Los Angeles (4 per cent) and Paris (4 per cent).
“Dubai’s prime residential market has and continues to be a global outlier, with record price growth in 2022, albeit this has been from a low base,” on the words of Faisal Durrani, partner — head of Middle East research at Knight Frank.
“Prime values are being fueled by Dubai’s safe-haven status, an exceptionally diverse range of international ultra-high-net-worth individuals in search of luxury second homes, combined of course with the government’s world-leading response to the pandemic, which has spurred business confidence.”
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