Global Luxury Home Markets Soared in 2021

Dubai saw the biggest gain in luxury-home prices of any major global city in 2021, as values around the world saw record increases, according to a new report.. 

The increase in demand and rise in prices across 100 major hubs for luxury real estate were fueled by many factors including low mortgage rates, shifts in lifestyle choices due to the pandemic and more flexible working patterns. Dubai led the list with a 44.4% increase in high-end sale prices from December 2020 to December 2021, according to the annual Knight Frank Wealth Report, released on Tuesday. 

“The U.A.E’s handling of the pandemic, strong take-up of the vaccine, the delivery of high-end turnkey projects as well as innovative new visa initiatives and economic reforms, have together boosted Dubai’s profile in the eyes of international buyers,” said Kate Everett-Allen, head of international residential research at London-based Knight Frank.