Sunday, May 29, 2022

Dubai lies low in property prices despite its swanky attractions

The tiny city-state kingdom is down on the list of most expensive cities in the world, says study

Despite its swanky apartments, majestic properties and stylish houses with sprawling gardens, Dubai still remains way down on the list of expensive properties around the world. Not even its yacht-lined marinas make the middle-east city any better as it fares 34th on the list compiled by New World Wealth released Wednesday.

The latest data reflects the prices of prime property as of September 2017 and covered a total of 54 destinations around the world.

Although, the glamour and glitz of its opulent architecture make it an eye-absorbing destination from all respects, the cost of property in the desert city stays surprisingly low at $8,400 per square metre as of the third quarter this year even if it involves a prime apartment in the city. But, the price is slightly higher than the average price of $8,200 the previous year.

The list of the top expensive properties in the world is led by Monaco, followed by New York which surpassed London this year. The first-spot occupant, Monaco, stays way ahead of Dubai, where the average price is a whopping $48,000 per square metre. The list has a few European destinations like St Tropez, France and Italy, though, the cost of property in Italy and the UK have moved down. Cities of Paris, Nice, Rome, Florence and Milan lead the race among European cities.

The tiny wealthy city-state, known for its ultra-rich residents, gold markets, duty-free shopping, fast cars and casinos attracts millions of visitors each year. An oasis in the desert, the Kingdom, tops the chart when it comes to business, shopping and other entertainment activities as it is full of grand hotels, luxurious business facilities and entertainment hotspots. The opulence of the city sets it apart from other top business and entertainment destinations around the world.

Dubai is at the top within the Arab world, followed by Abu Dhabi, Doha and Riyadh. While Dubai stands at number 34 on the list, Abu Dhabi is next at 35, Doha at 38 and Riyadh at 40.

But American destinations such as The Hamptons, Los Angeles, Miami and San Francisco and Asian majors like Hong Kong and Beijing fare better than Dubai as more expensive. According to the research, the prices of properties in cities like New York, Sydney, Beijing and Shanghai moved up strongly over the past 12 months, while prices went down in London, Paris and Rome.

New World Wealth analyses the top prime property hotspots worldwide as part of its “Global Wealth Migration Review.” The report also benchmarks the top Middle Eastern cities against the worldwide list.


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