Dubai is so far considered as an expensive place to live in, a quelled property market has raised the emirate’s rental properties to the highest point of the rankings for the size of available for $10,000, as indicated by Knight Frank.
Worldwide rent research by the real estate consultant over eight global cities found that $10,000 per month gets a Dubai tenant 4,892 sq. ft. In comparison, Hong Kong is the costliest city by residential property rent, where the equal amount will get tenants 1,495 sq. ft.
Madrid is the second-best city that provides value in terms of cost per square foot. For $10,000 per month, one can rent 4,801 sq. ft. in Spain’s capital.
After Hong Kong, New York was the second most expensive, then came Singapore, London, Sydney, and Shanghai.
The worldwide comparisons are based on a three-bedroom apartment in a central location, Knight Frank provided.
Dubai’s property market had been stifled in recent years, further worsened by COVID-19. However, stimulus exercises by the public authority have started to impart trust in the market.
According to Faisal Durrani, head of Middle East Research, Knight Frank, the average property values rose by 0.7 percent during the first quarter of 2021 – the strongest rate of growth since summer 2016.
As per Faisal Durrani, head of Middle East Research, Knight Frank, the average property costs increased by 0.7% during the Q1 of 2021 – the strongest rate of growth since summer 2016.
“The impact of the economic stimulus measures has been slower to filter through to the luxury rental market, with rents in this top-tier segment of the market declining by 0.5 percent during Q1.
“It is worth noting however that luxury rents grew by 1.8 percent during March 2021, the first increase in 12 months and the strongest rate of growth since October 2013, suggesting that the window for securing luxury “bargains” may be on the cusp of reversing,” he said.
Worldwide real estate advisors Savills provided in a recent report that Dubai is also now being considered as a practical option to many European cities due to its handling of the pandemic, adjusting an effective inoculation drive, while keeping the emirate’s economy just getting started for business.
As per Savills recent ‘Market in Minutes’ report, Dubai has come up as the location of demand, mainly for tech companies, keen to grow in the region.
Dubai was ranked 21 out of 209 cities worldwide in Mercer’s 2020 Cost of Living Survey, while Hong Kong was ranked number 1 as the most expensive.