Luxury real estate in the world: leaders in price growth

According to analysts from the 26 cities tracked, Dubai remains top of the rankings for 2023, although annual growth in luxury property prices here is expected to fall to a sub-par 14%, down from 44% last year. Tokyo, Paris, Madrid and Miami, with projected growth of 4% in 2023, round out the top five.
In Tokyo, persistently low interest rates and growing overseas interest explain the positive sentiment; in Miami, low taxes, relative costs and Latin American demand are key factors. While for Paris and Madrid, a lack of prime real estate inventory is holding back prices.
Forecasts for Geneva and Vancouver have improved the most in percentage terms, while expectations for the cities of Berlin, Edinburgh, Dublin, Los Angeles, Zurich and Lisbon have deteriorated the most, although the difference remains relatively small at 2% to 4%.
Analysts believe Auckland and Mumbai are leading the way in the 2024 outlook, both forecasting growth of 5% over the 12-month period.
Meanwhile, in Mumbai, improving GDP and infrastructure investment will drive prices higher, while in Singapore (+4%) demand will continue to outpace supply.
Madrid (+4%), Paris (+3%) and Dublin (+2.5%) are expected to perform best due to a lack of luxury inventory and relative economic strength.