Team shortlist29 Oct 2017 AT 09:32 AM

REPORT: How Dubai compares to world's priciest property markets

Be glad that you don’t live in Monaco…
Team shortlist29 Oct 2017 AT 09:32 AM
Dubai, Property, Rent
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Arabian Ranches
© Shutterstock
Arabian Ranches

When it comes to rent in Dubai, most of us are split. Some find it too expensive, others find it manageable while others find it quite affordable – it all depends on where you live and how much you earn. While that may be the case, we are all united in the sense that we all get a little bit sad when we have to draw out our hard earned cash and hand it over to the property man – ‘tis what being an adult is all about, we’re afraid.

And while, there may be those who believe that rent in Dubai is overly expensive, a new study has found that the prime residential prices in Dubai are less than a fifth of those found in the world's most expensive property market.

According to a review by the New World Wealth Global Wealth Migration, top-end real estate in Dubai costs about US$8,400 per square metre – a figure that is significantly cheaper to those found in Monaco which start at a cool US$48,000 per sq m (the highest rate on the list).

Coming in at second was New York at US$37,000, which was followed by London at US$35,000 and St Tropez at US$33,000 per sq m.

While Dubai sits relatively low on the list, its property value is the most expensive in the Gulf region. High-end property rates in Abu Dhabi start at an estimated US$6,000 per sq m, which is followed by Doha at US$5,800 and then Riyadh at US$5,500.

Aside from global ranking, the study found that the property value in Dubai has increased by as much as US$200 in the past year.

According to a report published by Dubizzle in September, the three most-searched high-end villa communities in Dubai are Arabian Ranches, The Springs and new development, Akoya Oxygen.

The report stated that there were almost 2 million property searches per month for Arabian Ranches and 1.3 million searches each for both The Springs and Akoya Oxygen.

The two most popular residential neighbourhoods were Mira-Reem Community with 1 million searches and The Villa with 795,000. 

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