The price index for luxury real estate (The Prime Global Cities Index, PGCI) for the 3rd quarter of 2024 from Knight Frank has been published.
The study reflects the dynamics of prices for luxury housing in 44 cities around the world (nominal prices in local currency).
In general, price growth continued to be moderate in all markets.
Luxury properties rose in price by 2.9% over the year, which is less than the 3.4% growth in the 1st quarter of the year and significantly lower than the 10-year high of 10.3% recorded in the 4th quarter of 2021.
The top five leaders in price growth in the premium segment:
- Manila: +4.6% for the quarter and +29.2% for the year
- Dubai: +0.5% for the quarter and +16.9% for the year
- Tokyo: +2.8% for the quarter and 12.8% for the year
- Mumbai: +1.9% for the quarter and 11.5% for the year
- Los Angeles: +2.7% for the quarter and 19.5% for the year
Dubai's results are impressive. In the ranking of price growth for expensive real estate after the pandemic, the city is on the first line: +190% from the 1st quarter of 2020 to the 3rd quarter of 2024.
