Dubai real estate is the tenth most expensive in the world, with the average re-sale price estimated at AED 24,419 per square metre in 2016, according to research by global property firm Savills and its UAE-based associate Core Savills.
Dubai property is seven times more affordable than Monaco, however, which ranked first on the list. Its 2016 average re-sale price reached a record high of AED165,000 per square metre, up 180 percent in the past 10 years.
While this rate of price growth is largely unseen in developed economies, Dubai displays a wide growth range across prime areas such as The Palm Jumeirah, Burj Khalifa, Emirates Hills and Dubai Marina; as well as 94 percent price growth (comparing Q1 2007 with Q1 2017) for average villa prices, the research revealed.
David Godchaux, CEO of Core Savills explains: “Although it is difficult to establish an average prime price for Dubai in the past ten years [given the large variety of products in districts with fundamentally different drivers]; we took a closer look at individual areas and noticed that some developments have outperformed top cities in the world such as The Palm.” More info
By Lubna Hamdan arabianbusiness.com
