Dubai was put among 10 global cities, where real estate investments bring the maximum return, according to the CBRE consultancy.
Dubai offers one of the highest rental returns in the world — the fact once again confirmed by the latest fifth edition of the ‘Global Living Report’ from CBRE consulting and analytical agency.
According to the report, Dubai property can bring investors a higher average return than the most of other major megacities of the world, including Singapore.
According to latest data, Dubai offers investors a maximum average monthly yield of $2,044, while in Singapore this figure is only $1,935.
It is also important to emphasize that the emirate was not included in the Top 10 cities’ list with the most expensive real estate, but at the same time, Dubai was ranked ninth in terms of the average rental return.
According to CBRE estimates, the average property price in Dubai is $404,926, which is much lower than in the major world's leading financial centers.
Since property prices in Dubai declined steadily over the past few years, investments in the emirate’s real estate market make it a very attractive destination for real estate investments at this stage.
A recent report by Knight Frank said that luxury residential property in Dubai is cheaper than similar housing in New York, London, Hong Kong, Paris, Geneva, Tokyo and Mumbai.
USD 1 million can buy you 138 square meters of luxury residential real estate in Dubai, whereas in New York it will be only 25 square meters, 28 square meters in London, 39 square meters in Singapore, 41 square meters in Geneva, 46 square meters in Paris, 58 square meters in Los Angeles, 76 square meters in Tokyo and 92 square meters in Mumbai. Dubai has also ahead of Monaco, the most expensive city in the world, where $1 million can buy you only 16 square meters of living space.
And CBRE report says that Hong Kong has become the most expensive city in terms of real estate prices in the world, with an average housing price of $1.23 million. It is followed by Singapore, Shanghai, Vancouver, Shenzhen, Los Angeles, New York, London, Beijing and Paris.
"The world's greatest cities continue to transform to encourage innovation, increase their working and living populations and create new commercial opportunities for businesses," said Jennet Siebrits, head of residential research at CBRE UK.
The fifth edition of the CBRE Global Living Report also expanded the list of cities covered in the report from 29 to 35.
Dubai and the UAE are still the best markets for rental yields with average returns of 5 to 8 percent per year, depending on location.
“This is one of the highest rental returns you can get in the world. Although housing rent in Dubai is currently declining, the yield range of 5–8 percent is still one of the highest in the world. In most other cities of the world, rental returns are at best 2-3 percent,” the report says.
“This is one of the reasons why Dubai remains the best destination for real estate investments, and this explains why people continue to invest in UAE real estate,” the report concludes.
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