According to a recent analysis by international real estate firm Savills, Sydney and Dubai are expected to have the fastest increases in the values Global Luxury Property Forecast 2024. Based on changes in the capital values of premium residences across 30 major cities globally, the firm’s annual Prime Global Cities Index predicts that both cities will continue to be top-performing luxury property markets.
Dubai took first place in 2023 thanks to an astounding 17.4% increase in the value of premier residential real estate. According to the prediction, Sydney and Dubai would both outperform other worldwide locations in 2024, with estimated value growth ranging from 4 to 9.9 percent.
Sydney’s boom is credited with above-average gains due to a combination of historically low inventory levels and consistent demand from high-net-worth purchasers. Demand for luxury listings has outpaced supply, pushing prices upward, a trend Savills expects to continue in the next year.
Dubai put up the strongest performance of any city in the world in 2023, but when the pace of activity returns to normal, its growth rate is predicted to gradually slow. Still, 4 to 5.9 percent improvements are expected, which would keep the emirate in the top two premium residential markets.
Sydney’s boom is credited with above-average gains due to a combination of historically low inventory levels and consistent demand from high-net-worth purchasers. Demand for luxury listings has outpaced supply, pushing prices upward, a trend Savills expects to continue in the next year.
Dubai put up the strongest performance of any city in the world in 2023, but when the pace of activity returns to normal, its growth rate is predicted to gradually slow. Still, 4 to 5.9 percent improvements are expected, which would keep the emirate in the top two premium residential markets.
Sydney, which saw a notable 6.8% rise in 2023, is still undersupplied, which will help it continue to gain value. With Savills projecting values to rise to over 10 percent this year, policy focus on raising supply to limit cost rises may grow in response to worries about home affordability in the run-up to the elections. Mumbai and Cape Town are expected to keep up the trend with gains of 2 and 3.9 percent, respectively, in 2024, joining Dubai as the only cities with growth over 3 percent over the previous 12 months.
