Dubai residential property is much cheaper than Hong Kong, London, and New York

September 13, 2019 | News, Real Estate
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. On a global basis, Dubai residential property is relatively quite affordable

Dubai residential property looks cheaper than many global cities. In an analysis of the city’s real estate market, Knight Frank has drawn an interesting comparison.

In Dubai, $1 million will buy 143 square meters of residential space. This beats the 16 square meters in Monaco, 22 square meters in Hong Kong, and 31 square meters in both London and New York.

That’s quite a difference when you consider its strategic location and quality of life and safety rankings.

Dubai a global gateway

“Dubai has emerged as a critical global gateway city. Its geographic position means it is uniquely well placed to act as a hub for accessing Asia, the Middle East, and Africa – all key future economic growth centers,” said Taimur Khan, associate partner, Knight Frank.

Investors from India, the UK, Pakistan, and China find Dubai’s location, economic potential, and quality of life attractive enough to consider it as a second home or an investment.

State of Dubai’s real estate market

Finally, Dubai prices have been on a downtrend since 2014. Average Dubai property prices are now down nearly 30% from their peak in mid-2014, said a survey in July. Further, residential rentals have fallen 26.1% in that same period.

“Despite the recent slowing in market performance, if we take a longer-term view, the emirate has experienced stable growth,” clarified Khan.

 

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