Report: Dubai ranks second in the world in the number of luxury properties
Dubai ranked second in the world in the number of luxury properties, according to a report issued by Knight Frank, a company specialized in real estate studies and consultations.
The "Global Wealth 2021" report indicated that the number of luxury real estate units in Dubai reached 42.4 thousand units, indicating that the city of London topped the first place in the number of luxury properties with 86.2 thousand units.
According to the report, "Sydney" came in third place with 27.4 thousand units, followed by Hong Kong in fourth place with 21.3 thousand units, then Singapore with 10.4 thousand units.
The report pointed out that the definition of luxury real estate varies from one location to another, but it is traditionally 5% the highest price among real estate units available in any market, noting that the price of a luxury real estate unit in Dubai starts from one million dollars at the lowest estimate, while it starts from 2.8 million dollars. In London, it is 5 million dollars in Hong Kong.
The report noted several signs of the recovery of the luxury real estate market in Dubai, as the second half of last year witnessed a remarkable increase in the prices of luxury apartments and villas in some areas of Dubai, while other areas also witnessed remarkable improvement in their price performance during the same period.
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