Page 484 - SOBHA REALTY QUARTERLY PR REPORT - JANUARY-MARCH 2024 (ENGLISH )

2/29/24, 1:07 PM Dubai Prime Property Sector To See Robust Price Surge In 2024 | MENAFN.COM

Dubai Prime Property Sector To See Robust

Price Surge In 2024

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2/28/2024 2:48:29 PM

(MENAFN- Khaleej Times) Prime residential values in Dubai are expected to keep the upward
momentum in 2024 after recording the world's second-highest growth rate in 2023.

Knight Frank's 2024 global prime residential markets forecast positions Dubai in third place at
5.0 per cent. This comes hot on the heels of an estimated 16 per cent rise in prime residential
prices in 2023 and building on the 44.4 per cent rise registered in 2022.

Of the 100 markets tracked in Knight Frank's Prime International Residential Index, 80

recorded flat or positive annual price growth. Across the world, prices of luxury property

increased by an average of 3.1 per cent in 2023 with Manila (26 per cent) leading the
rankings and Dubai (15.9 per cent) in the second spot. The Bahamas (15 per cent) comes in
third place with the Algarve and Cape Town (both 12 cent) completing the top five.

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