Prime Global Cities Index, Q1 2023

  • Q1 2023 saw annual price change in the world’s luxury housing markets turn negative for the first time since the Global Financial Crisis. 
  • The index which tracks prices in 46 leading prime markets, fell by 0.4% in the 12 months to the end of March this year. This marks a sharp reversal from a peak of 10.1% growth in the fourth quarter of 2021. 
  • Annual prices are now falling in 16 of the 46 markets tracked. While two thirds of markets are still seeing positive growth, the large size of price declines in the weakest markets has pulled the overall index negative.
  • At the top of the table, Dubai’s 44% annual growth remains a substantial outlier, with second place Miami the only other city to reach double digit growth (11%). Zurich (9.4%), Berlin (5.7%) and Singapore (5.5%) complete the top five markets – pointing to the resilience of wealth and, in Berlin’s case, investment hubs. 
  • Dubai’s 149% growth through the pandemic (March 2020 to date) reflects a market undergoing significant structural change.