Dubai is ranked second among the highest number of prime properties in all the major global cities after London.
As per Knight Frank, London has 68,189 prime houses after this comes Dubai at 42,356 units, Sydney (27,436), Hong Kong (21,285), and Singapore (10,416).
The meaning of prime property is different from location to location, but it typically builds the main five percent of the market. The getaway from the prime property in London is 2 million British pounds, Dubai at $1 million, Hong Kong at $5 million, and Sydney at A$3 million. Dubai is also home to 536 millionaires with a net worth of more than $30 million.
According to Knight Frank, prime property prices in Dubai fell 5.9 percent in 2020, the sixth-highest after Buenos Aires, Cape Town, Bangkok, Hong Kong, and Doha.
“Only two cities, Dubai (-2%) and Buenos Aires (-8%) are forecast to see prime values decline. Latin America, with a limited vaccine rollout, is set to recover more slowly than other regions. Dubai’s rate of price decline should slow as travel restrictions ease and the postponed Expo 2020 takes place,” Knight Frank in its latest Wealth Report 2021 released on Tuesday.
Studying a fall in costs in the previous year, Knight Frank witnesses signs of a recovery in some prime sub-market.“For example in the six months to December 2020, apartment and villa prices on the Palm Jumeirah increased by 5.1 percent and 9.4 percent, respectively. Over the same period, villa prices in District One have increased by 3.5 percent. Other prime markets such as Downtown Dubai and Emirates Hills are also showing similar signs of improvement in market performance,” the consultancy said in a report on the UAE property market released earlier this month.