The UAE’s two largest cities Dubai and Abu Dhabi took advantage of improved economic indicators and a more stable real estate market to feature in the top 10 fastest-growing property markets. Dubai and Abu Dhabi property prices increased last year by 17 and 15 per cent respectively, putting the cities in the seventh and eighth place in global rankings.
Dubai’s property market fundamentals are sounder than they were in the run up to the collapse in prices in late 2008.People are a lot more sensible in the pricing than before, and confidence is returning again.
Asian cities dominated this market rankings for 2014, with Indonesia and New Zealand home to the world’s four fastest-growing markets. Jakarta took the top spot with a 37.5 percentage annual increase in prices, followed by Auckland with 28.8 per cent increase.
London remains the most important city for wealthy individuals all over the world, it is followed by New York and Singapore, according to the new report.
New York is going to overtake London as the most important city by that measure by 2024, as its share of the world’s ultra-wealthy rises and the city becomes more important to China, Russia and Europe.
Dubai ranked first out of the Knight Frank’s top five cities for wealthy individuals in the Middle East, followed by Istanbul, Abu Dhabi, Tel Aviv and Beirut.