According to the new Prime Global Cities Index by Knight Frank, Dubai's luxury home prices soared by nearly 50% in the past year. Meanwhile, Bangkok saw a 4.6% increase in luxury home prices in the same period.

The report reveals that Dubai's luxury home prices have risen by 225% since hitting their lowest point during the third quarter of 2020 when the COVID-19 pandemic was spreading. Dubai maintains its lead as the city with the highest growth in luxury home prices for eight consecutive quarters.

The top 10 cities with the highest luxury home price surges over the past 12 months (up to June 2023) are:

1. Dubai, UAE (+48.8%)
2. Tokyo, Japan (+26.2%)
3. Manila, Philippines (+19.9%)
4. Miami, USA (+7.5%)
5. Shanghai, China (+6.7%)
6. Mumbai, India (+5.2%)
7. Madrid, Spain (+5.1%)
8. Nairobi, Kenya (+4.7%)
9. Lisbon, Portugal (+4.7%)
10. Bangkok, Thailand (+4.6%)