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The Dubai residential market is considered affordable when compared with London, New York or Hong Kong, according to the Global Living Report by CBRE. In London, prime property comes in at $3,000 (Dh11,018) per square foot, compared to $1,300 at the very top end of the market in Dubai.
The report notes that low import taxes make it easier to source high-quality material in Dubai, as opposed to London. Furthermore, the cost and access to labour differs considerably between the UAE and European and international cities. Scarcity is another factor: land is difficult to come by in Paris, London, New York and Barcelona.
Hong Kong continues to hold its position as the world’s most expensive residential location at an average of $1,377 per square foot. This high figure, however, is relative to the smaller size of apartments within a market which continues to be underpinned by a severely constrained supply backdrop.
London cements its place as the world’s second highest value location according to average price per square foot. The Global Living Report provides a snapshot of 31 global cities, showcasing the differing influences in each city and providing a comparative study of house prices, rental growth and living costs, among other factors.
Source: Property Weekly