Dubai was the world’s best performing real estate market during 2013 with price growth nudging 35 percent, Knight Frank has revealed in a new report.
The Knight Frank Global House Price Index showed mainstream property prices in the emirate rose by 34.8 percent during the last 12 months.
Although the increase slowed slightly in the last six months to 15.3 percent, Knight Frank said prices in Dubai were still 25 percent below their 2008 peak.
Globally, the Knight Frank Global House Price Index rose by 8.4 percent in 2013, with 11 markets including China, the US and Turkey registering double digit growth last year.
Ukraine, Croatia and Greece were the weakest-performing housing markets in 2013, Knight Frank said, adding that house prices rose in 39 countries of the 56 covered, compared with 27 in 2012
Knight Franks said improving employment prospects and the continuation of low interest rates in Europe and the US are together fuelling buyer confidence.
It added that several emerging markets, despite their economic wobble in 2013, still recorded a strong performance. Turkey, Brazil, Indonesia and Colombia were ranked in the top 10 in terms of annual price growth, each having recorded double digit growth.
Europe continued to dominate the lower half of the table but the rate of decline slowed in countries such as France, Spain and the Netherlands…. see more