People living in Dubai could soon be priced out of the market if the emirate’s residential real estate recovery continues at its present pace, according to the latest data from Knight Frank.

The company’s figures show that property prices increased by up to 75% in some of the most sought after locations in the emirate over the past 12 months and rental prices in those areas are up over 20%. Rental values in Dubai overall rose more in the past year than anywhere else in the world, up 18.3% in the year to March.

According to the latest figures from property consultancy firm Asteco, average apartment sales prices in Dubai increased by 12% in the second quarter of 2013 and are up 38% year on year.

However, prices in Discovery Gardens have soared 75% in the last year to reach AED 7,550sqm (£1,365), giving it the fastest rising property prices in the city.