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