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REVEALED: Top 10 Fastest Growing Luxury Property Markets

REVEALED: Top 10 Fastest Growing Luxury Property Markets

Dubai and Abu Dhabi feature among the top 10 global cities seeing a rise in luxury residential property prices, according to Knight Frank.

Booming Asian markets dominates this year’s Prime International Residential Index (PIRI) released by Knight Frank. The index, which includes performance data for around 100 of the world’s key luxury residential housing markets, found that some of the cities most affected by the 2008 downturn are now on the road to recovery with property prices rebounding strongly.

“Inevitable debates have ensued as to whether Dubai and Dublin are on the cusp of another bubble. However, in both cases average prices have yet to approach, let alone exceed, their pre-crisis highs,” said Kate Everett-Allen, head of PIRI Analysis at Knight Frank.

“Cash buyers are driving sales and regulation is tighter with some purchase and ownership costs higher than in 2008. This follows Ireland’s introduction of a new local property tax in 2013 and transfer costs in Dubai doubling to four per cent during 2013.”

Dubai’s property market has been in upswing since last year as prices rose around 30 per cent in 2013 while some recent government directives have led to rise in Abu Dhabi’s property prices as well.

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