Knight Frank: luxury homes prices jump 225% in Dubai since ‎Covid-19 .. These are 10 most expensive cities around the world‎

“Knight Frank” residential and commercial real estate consultancy revealed, in a recent report, that the prices of luxury homes have increased by about 225% in Dubai since the spread of the Corona virus.

Knight Frank said that luxury home prices in Dubai increased by nearly 50% in the year to June, maintaining their lead for the eighth consecutive quarter.

According to data from the real estate consultancy firm, prices in Dubai have increased by 225% since they reached their lowest level due to the pandemic during the third quarter of 2020.

Tokyo and Manila, according to CNBC, came in second and third, respectively, with an annual rise of 26.2%, while Manila rose by 19.9%. Other noteworthy increases included the Chinese city of Shanghai, which added 6.7%, and Singapore, which rose 4.2%.

The report noted that the influx of expatriates into Singapore, driven by the burgeoning financial and professional services sector, affected the rental market more than the sales market, noting that this discrepancy was due in part to taxes levied on purchases by foreign buyers.

The ranking of the most expensive cities in the world in terms of luxury home prices came as follows:

1. Dubai.
2. Tokyo.
3. Manila
4. Miami.
5. Shanghai.
6. mumbai.
7. Madrid.
8. Nairobi
9. Lisbon
10. Bangkok.

Since the end of April, foreigners buying residential property in Singapore must pay an additional 60% stamp duty to the buyer, double the previous 30%. Prices in Hong Kong fell 1.5% over the past year due to higher unsold inventory from newly developed projects. In an effort to stimulate demand, the Hong Kong government has raised the mortgage loan ratio to around 70% for residential properties valued at HK$15 million (US$1.9 million) or less.