Tokyo Leads Global Luxury Home Price Growth as Dubai Retains Its Five-Year Lead

Luxury property prices are rising across much of the world, but the pace varies considerably between cities.

According to World Property Journal’s coverage of Knight Frank’s Q2 2026 Prime Global Cities Index, Tokyo recorded annual growth of 50.7%. Manila followed at 14.6%, Dubai at 10.9% and Singapore at 9.5%.

Across the 47 cities tracked, average annual growth reached 2.6%, with 32 markets recording increases and 15 declining. London, Toronto and Beijing were among those reporting falls.

Tokyo’s result also comes with considerable volatility. Prices rose 12.6% during the second quarter after falling 8.6% in the first.
Over five years, Dubai remained the strongest performer, with prime residential prices increasing 155.3%.

These figures suggest that luxury housing is following increasingly different paths across cities. A strong annual ranking can sit alongside substantial quarterly fluctuations, making the period measured an important part of the story.

The index measures prices in local currencies, so the gains should also be distinguished from the returns an overseas purchaser might experience.

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Originally posted on LinkedIn