Dubai ranks among the 20 most expensive residential real estate markets in world, according to the latest annual Wealth Report produced by Knight Frank.
Monaco remained the most expensive residential real estate market in the world, where luxury home prices in Q4 2012 ranged from $4984 to $5,521 per sq ft. Hong Kong ranked second with prices ranging from $4,250 to $4,700 per sq ft, the study said.
Dubai property market has experienced a significant turnaround and the recovery is gaining strength, said the Knight Frank report.
Dubai property market saw prices of luxury assets ranging between $477 and $537 per sq ft in the final quarter of 2012, which put the emirate in the 19th position among the 20 top cities.
In terms of price growth, Dubai was placed second along with Bali among the 80 destinations in the world tracked by the Knight Frank index.