Dubai witnessed a 21.1 percent increase in property prices in the first quarter of 2013 compared to the same period last year, according to a Knight Frank report.
The emirate ranks third among the top locations for price increases after Hong Kong and China, according to the property consultancy’s Global House Price Index.
“Property prices in all world regions, except Europe, increased in the year to March with the Middle East performing best, rising by 10.6 percent on average,” Kate Everett-Allen, of Knight Frank’s International Residential Research, said in the report.
The price index also showed a 9.2 percent increase in Dubai’s property prices from the final three months in 2012 to the first quarter of 2013, the report found.
A previous Knight Frank report ranked Dubai fourth among the world’s luxury property markets, as the city resisted a global slowdown with a 5.4 percent rise in the most upmarket residences, Al Arabiya reported in April.