Image copyright AFP Image caption Bernard Arnault, the billionaire French tycoon, is the owner of several luxury brands including Louis Vuitton
These are the cities that will be the most expensive to live in in 2021, according to a survey.
The research by Knight Frank compared six international property markets: Asia, Europe, Latin America, the Middle East, North America and Africa.
The Dubai Multi Commodities Centre’s property market is projected to become the most expensive in the world from 2021.
The cost of a two-bedroom apartment in the emirate is forecast to peak at $350,000 (around £230,000).
Houses are expected to cost $185,000 (around £128,000) – about 26% – more than the global average, according to the study.
Saudi Arabia will be the second most expensive market, with $205,000 (around £152,000) two-bedroom apartments. The US is expected to be third, with prices of $175,000 (around £131,000) apartments.
Image copyright Getty Images Image caption Paris is also known for the large number of luxury fashion and haute couture shops
The top three cities are forecast to all be in North America, with New York City as number one in 2021, followed by Hong Kong and then London.
Home prices in New York are forecast to rise by 8% to $845,000 (£605,000) in 2021, according to the study.
The average home in London is predicted to rise 6% from $650,000 (around £505,000) in 2021 to $700,000 (around £577,000).
“Despite the structural challenges, these three markets are likely to remain attractive for multinational businesses and wealthy individuals as they do not face significant political or other national considerations,” said the study.
On the less expensive end of the spectrum, several cities will also be within the 10 cheapest cities in 2021. Most popular among these is Sydney, with the average price of a two-bedroom apartment sitting at $300,000 (£230,000).
Asians are expected to be among the most affordable in this sector, with prices in their home country expected to grow by just 5% over the next five years.