But the award of the 2020 World Expo to Dubai is likely to spur additional property purchases in the emirate, Knight Frank said.
(Read more: Is Singapore real estate losing its shine?)
In addition, around 70 percent of the buyers in 2013 were domestic, it noted. This may suggest the property market hasn't yet attracted outside funds.
Prime property prices in other global financial centers aren't likely to fare as well. While Knight Frank expects properties in Beijing, Shanghai, Sydney and Paris will see price rises of 5-10 percent, it anticipates London and New York prices will stall, while Singapore, Hong Kong and Geneva are likely to see declines.
Despite high demand from international buyers – accounting for around 40 percent of demand in 2013 – New York's luxury property prices are likely to remain flat for a second year as supply is growing and some sellers are pricing themselves out of the market, it said, noting that the newly elected Mayor de Blasio's policies may not be as supportive for the segment.
(Read more: Is Hong Kong's real estate market taper proof?)
In London, prime property prices may eke out a less than 5 percent rise after a 5-10 percent rise in 2013, Knight Frank said. Around 50 percent of 2013's buyers were foreign, it noted, adding rising interest rates are the biggest risk to the market.
"Prime central London property has outperformed since 2009, but will begin to lose ground compared to the mainstream market over the next few years," it said.
Singapore and Hong Kong are likely to see luxury property prices fall amid cooling measures from their respective governments, it said.
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter @LeslieShaffer1