In 2013, Dubai and Abu Dhabi certainly made it to the top 10 rankings of global cities having World’s Luxurious Properties. They came in seventh and eighth correspondingly in a record that saw Jakarta, Indonesian, at the top of the hustings, according to the released Prime International Residential Index (PIRI) put together by the consultancy Knight Frank.
In 2012, Dubai’s premium realty noted a 17% growth on top of the 20% gain which was when global investors started renewing their flow back into the emirate’s real estate. Meanwhile, Abu Dhabi’s were up 15% in 2013. Another milestone in creating a wealthy property is Dubai’s new beach to offer a rare occurrence Beachside features work in Dubai Marina’s good turn.
According to the head of the PIRI, expected debates have ensued as to whether Dubai and Dublin (which was in fifth spot with a 17.5% year-on-year again) are on the cusp of another bubble. Nevertheless, in both cases, average prices have yet to come up to, let alone go beyond, their pre-crisis high.
It could also be that the most of the instantly available stock of luxury properties are already with buyers. Furthermore, there is feedback from the market that too high an asking price on units is putting off the customers.
Jakarta and Auckland went up tops as the wealthy property investors’ favoured go-to destination, with annual increases of 37.7% and 28.8% respectively. Bali, Indonesian, came in third, and after that by Christchurch, Dublin and Beijing. However, Guangzhou and Los Angeles were at 9th and 10th ranks.