Considering Dubai one of the priciest global centers for high-end living is no longer reasonable.
The emirate today is becoming one of the least expensive destinations for people who want to live at a certain level of luxury, mainly due to lower real estate prices.
In the first edition of the "Global Wealth and Lifestyle Report" for 2020, Swiss private bank Julius Baer, Dubai ranked 17th out of 28 cities in terms of luxury goods, services and real estate.
The study reveals that the emirate offers great consumer value worldwide compared to several popular destinations, including Hong Kong, which is the first in the list, Shanghai (2nd place in the ranking), Tokyo (3rd), New York (4th), Singapore (5th) , Los Angeles (6th) and London (7th).
The study, which initially included only Asian countries, and is being conducted since 2011, now includes other global cities and tracks price trends in the consumer basket of the highest class category, including jewelry, watches, cars, branded shoes and clothes, as well as good wine, business class plane tickets and, most importantly, luxury apartments.
The cost of
According to Diego Würgler, Managing Director and Head of Investment and Consulting at Julius Baer, the decrease in Dubai housing prices is one of the main reasons why Dubai has left the top of this rating.
“People have the impression that Dubai can be called one of the most expensive cities in the world, but in our study, the emirate is just in the middle of the ranking. This is due to the housing market, which has undergone a significant correction over the past five years,” said Würgler.
The report also emphasized that residential property prices in Dubai are in a “free fall”, down 20 per cent since 2014, mainly due to oversupply with new housing stock.
Back in the 2018, according to the average living cost index by Numbeo,
At the same time, last year Dubai was also
It is also important to note that the emirate was not included in the list of Top 10 most expensive cities in terms of real estate value, but at the same time the emirate took the ninth place in terms of average rental income.
CBRE estimates that the average property price in Dubai is US$404,926, which is much lower than in most of the global leading financial centers.
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