Dubai prime property prices cheaper by 80% compared to global cities, even after 2-year rise

Source: Zawya — 

UAE – Prime property prices in Dubai are cheaper by 20 to 80 per cent when compared to major cities such as Monaco, Hong Kong, New York, London, Geneva, Paris, Beijing, Tokyo etc. despite a massive increase in rates during the post-pandemic period

According to Knight Frank’s The Wealth Report, $1 million (Dh3.67 million) can fetch 105 square metres in Dubai as compared to 17 sqm in Monaco, 21 sqm in Hong Kong, 33 sqm in New York, 34 sqm in London, 43 sqm in Paris, 60 sqm in Tokyo and 87 sqm in Melbourne.

Prime properties in Madrid, Mumbai, Cape Town and Sao Paulo are cheaper than the emirate in a list of 20 cities.

These attractive prices have driven a massive influx of foreign investment into the emirate’s luxury property segment since 2020, thanks to the successful handling of the pandemic and the introduction of new long-term visas boosting demand from foreign investors.