According to the latest Savills World City Luxury Property Price Index, luxury property prices in Singapore are expected to rise between 6 and 7.9 per cent this year, a similar increase to last year.

Dubai's luxury property prices are expected to rise at the same rate as Singapore's.

Savills said that a weak economy, high interest rates and high inflation would dampen the performance of the luxury property market.

Overall, luxury property prices in many cities are expected to slow this year, with an average increase of 0.5%.

Singapore and Dubai are also inevitably affected by high interest rates and the economic slowdown, but HNWIs will continue to migrate to these two cities.