Dubai Real Estate Transactions Soar in February 2024 as Luxury Market Forecast Remains Strong

Following its second-highest growth rate globally in 2023, prime residential values in Dubai are anticipated to maintain their upward trend throughout 2024. Ranked third with a forecast of 5.0 percent in Knight Frank’s global prime residential market outlook for the same year, Dubai’s prime residential prices are set to build upon the substantial 16 percent increase witnessed in 2023, which followed a remarkable surge of 44.4% in 2022. Among the 100 markets tracked by Knight Frank’s Prime International Residential Index, eighty markets exhibited either flat or positive annual price growth. The average increase in luxury real estate prices worldwide in 2023 stood at 3.1%, with Dubai securing the second position with a notable 15.9% surge, while Manila claimed the top spot with 26%. Other notable performers include the Algarve and Cape Town, both with a 12.3% increase, and the Bahamas with a 15% rise, ranking third.