Dubai ranked fourth on Knight Frank’s Prime Global Cities Index as the city’s luxury residential markets recorded a price growth of 17% in 2013.

Jakarta topped the list, which tracks the price performance of luxury housing markets across 30 world cities. The Indonesian capital recorded an annual price growth of 37.7%

Dublin and Beijing also outperformed Dubai, with annual price growth of 17.5% and 17.1% respectively.

The index lists the world’s top 30 luxury markets and has recorded 13 consecutive quarters of growth.

“The index now stands 34.1% above its financial crisis low in Q2 2009,” said Kate Everett-Allen, international residential research at Knight Frank.

The index is compiled on a quarterly basis using data from Knight Frank’s network of global offices and research teams