World's costliest cities to buy home in... How Dubai property compares

Dubai house prices increased at the fastest pace in world during the year to Q1 2013, in the list of 42 global cities surveyed by the Global Property Guide.
The organisation, which collates real estate data from across the world, said in its report that prices soared by 28.02 per cent, which was in sharp contrast with the 1.01 per cent year-on-year decline seen in the same period last year.
House prices declined by 53 per cent from Q3 2008 to Q3 2011, due to the global financial and economic meltdown. Dubai, however, started witnessing recovery from the second quarter of 2012, supported by the UAE’s robust economic growth.
“The strength of Dubai 's housing market has been bolstered by several other factors, including the availability of finance, the city's status as a safe haven, an exchange rate pegged to the US dollar, and improved consumer and investor confidence,” the report said.
Moreover, the UAE 's economy is expected to expand by 3.6 per cent in 2013, from a real GDP growth rate of 4.8 per cent in 2012, according to the Institute of International Finance.