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Dubai and Abu Dhabi easily made it to the top 10 rankings of global cities where the world?s wealthy acquired luxury property in 2013. They came in seventh and eight respectively in a list that saw Jakarta, the Indonesian capital, at the top of the hustings, according to the just released Prime International Residential Index (PIRI) put together by the consultancy Knight Frank.
Dubai?s premium realty recorded a 17 per cent growth in 2013 on top of the 20 per cent gain in 2012, which was when global investors started renewing their fund flow back into the emirate?s real estate. Abu Dhabi?s were up 15 per cent in 2013.
?Inevitable debates have ensued as to whether Dubai and Dublin [which was in fifth spot with a 17.5 per cent year-on-year gain] are on the cusp of another bubble,? said Kate Everett-Allen, head of the PIRI analysis at Knight Frank. ?However, in both cases, average prices have yet to approach, let alone exceed, their pre-crisis highs.