Dubai's property market continues to offer significantly more space for your money than other cities, even as prices have increased in recent years.
Analysis carried out by The National found that Dubai provides the best value among six cities around the world, with prime property prices per square foot still a fraction of those in cities such as Hong Kong, Paris and London.
Hong Kong tops the list as the priciest city per square foot. Residential properties in the city cost an eye-watering $2,191 per square foot, making it the least cost-effective location for buyers looking to maximise space. The older markets of Paris and London are not far behind, with prices hitting more than $900 per square foot. In New York, prices were square foot are at about the $500 mark.
“In Dubai, you can get a decent one-bed apartment for around Dh1 million [$272,294], or a two-bed if you’re willing to live slightly farther out,” Ben Blackwell, area manager at Betterhomes, told The National. “That same money would barely get you a parking space in central London.”
With a steady supply of new developments and strong returns for investors, the value for money in Dubai remains a key driver of property demand.
The National reported last month that property prices would continue to increase, because demand continues to exceed supply. But even with annual price increases, the city's property sector is still considered affordable by global standards, particularly for buyers seeking modern amenities, more space and long-term investment potential.
