Dubai once again topped the global Prime International Residential Index 100 (PIRI 100) for 2022 while claiming 16th rank among the most expensive cities for luxury properties, underscoring its growing allure and affordability to the world’s super-rich. Prime residential prices accelerated at the world’s fastest pace last year.
Prime residential prices in Dubai increased by 44.2% in 2022, compared to a global average of 5.2% on a year-over-year basis, solidifying its position at the top of PIRI 100, according to Knight Frank’s The Wealth Report 2023, the value of PIRI 100, which tracks the movement in luxury house prices around the world.
While the tiny Principality of Monaco, where one in three residents is considered a millionaire, topped the table as the most expensive city in the world, where $1 million can get you 17 sqm of space, Dubai ranks 16th in the Wealth Report’s fascinating breakdown of the number of square meters of prime property $1 million could buy in 2022. properties
Hong Kong (21 sq m), New York (33 sq m), Singapore (34 sq m), London (34 sq m), Geneva (37 sq m), Los Angeles (39 sq m), Paris (43 sq m), Sydney (44 sq m), Shanghai (44 sq m), Beijing (58 sq m), Tokyo (60 sq m), Miami (64 sq m), Berlin (70 sq m), Melbourne (87 sq m), Dubai (105 sq m), Madrid (106 sq (231sqm).
Of the 100 markets tracked in PIRI, which analyses prime property price performances in 100 cities, sun, and ski locations globally, 85 recorded positive or flat price growth in 2022, the report said. The Americas (seven per cent) narrowly upstaged Europe, the Middle East, and Africa (6.5 per cent) to the title of the top-performing region, with Asia-Pacific trailing at 0.4 per cent.
“Last year we referred to 2021 as ‘an anomaly’. The year was characterised by stellar price growth as markets reopened following Covid-19, and revenge spending took hold.