Renting an apartment in Dubai’s skyscraper’s three times cheaper than in London’s

A new report from Knight Frank found that despite the highest rental income, Dubai rentals ar far from being the world’s highest.

Knight Frank new report focuses mainly on high-end accommodation in skyscrapers, that is, high-rise buildings in the center of Dubai. Rentals for such housing type here are three times cheaper than that of London, and six times cheaper than rentals in Hong Kong’s high-rises, said the report.

At the same time, according to the same Knight Frank’s data, USD 1 million can buy you almost nine more prime real estate space in Dubai than in Monaco, and seven times more luxury property than in London. That is to say, that USD 1 million could buy 155 square metres of prime property in Dubai compared to only 17 square metres in Monaco, 21 square metres in London, 20 square metres in Hong Kong and 39 square metres in Singapore.

Global Property Guide also states that the gross rental yields in Dubai can be considered among the world’s highest for now, with smaller apartments bringing rental income of about 7.21 per cent.

In comparison, gross rental yields in Hong Kong stand at 2.82 per cent, India 2.22 per cent and Singapore 2.83 per cent, while London is between 2.72 per cent and 3.20 per cent.

According to the Q1 premium real estate rental index for Dubai, published on June 30, 2016, rental prices for this housing type remain almost unchanged, falling by only about 5 per cent from March. On the other hand, the demand for rents in Dubai is guaranteed at least by the fact that, despite all the above, the emirate remains the most affordable place among the world's major capitals also due to the rents affordability.

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