A report by Knight Frank consultancy revealed how much space USD 1 million can buy you in Dubai.
"Future city" of Dubai is expanding and evolving, however, some things remain unchanged. And it’s the price/quality ratio for premium property allowing the emirate to continually being classified among the world’s most affordable cities to buy luxury housing in.
Knight Frank’s latest Wealth Report 2017 revealed that the average per square meter cost of premium real estate in Dubai's skyscrapers is still 10 times lower than in the world’s luxury capital Monaco. And this gap has not been narrowed for several consecutive years.
Today, USD 1 million can buy you 162 sq m of premium property in Dubai, whereas in Monaco that would be only 17 square meters, and in Hong Kong it would be 20 sq m. If viewing the affordability scale back to the front end, than Dubai was the second from the end taking the 18-th rank in the Top 20 most expensive global cities to buy premium property in, according to Knight Frank.
And ‘affordability’ indicator for this real estate market segment’s been on the rise throughout 2016. This year, one can buy 7 extra sq meters of space in Dubai Marina, Downtown Dubai and Palm Jumeirah luxury villas, penthouses and apartments for the same USD 1 million.
The most expensive global cities ranking to buy luxury apartments in is still headed by Monaco, Hong Kong, New York and London. USD 1 million can get you only 26 m2 and 30 m2 of luxury housing in the last two cities, respectively. European cities, too, are way ahead of Dubai in valuing premium property units: the same amount of USD 1 million can buy only 55 m2 in Paris, or 87 m2 in Berlin.