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Dubai villa prices up 19.9%, says Knight Frank
- United Arab Emirates: Sunday, November 04 - 2012 at 10:01
Dubai's status as a safe haven for Middle East and North Africa investors has helped boost villa prices in the emirate by 19.9% in the first nine months of this year. The rise makes Dubai the second best performing market of the 26 cities tracked by Knight Frank Prime Global Cities Index. In its report, Knight Frank said villa prices in Dubai rose 2.9% in the third quarter, while prices for the six months from March to September 2012 climbed 11.1%. The global index rose by 1.1 per cent in the three months to September 2012, down from 1.4 per cent in the previous quarter. Five cities — Jakarta, Dubai, Miami, Nairobi and London — recorded double-digit price growth in the year to September. Jakarta was the best performing market with prices rising 28.5% in the past year. "Cities such as Dubai, Miami, Nairobi and London are increasingly considered investment hubs for high net worth individuals in their wider regions," the report said. Knight Frank added that "in the wake of the Arab Spring, Dubai has been seen as a relative safe haven for MENA buyers while Venezuelan and Brazilian investors have looked to Miami to limit their exposure to domestic political and economic volatility."
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StaffSunday, November 04 - 2012 at 10:01 UAE local time (GMT+4)
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