Dubai property 15th most expensive in the world - study

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TALL ORDER: Property in Moscow, which came in second place, costs $20,853 per square metre. (Getty Images)

With an average price tag of $7,151 per square metre, property in Dubai is the fifteenth most expensive in the world, according to a recent study.

But it is still cheap compared to Monte Carlo where a top-end apartment costs on average $47,578 per square metre – almost seven times as much as Dubai.

Property in Moscow, which came in second place, costs $20,853 per square metre, followed by London at an average of $20,756.

At the other end of the scale, Cairo was found to be one of the cheapest cities in the world, with a high-end apartment there costing an average of only $574 per square metre.

Property research group Global Property Guide collected the data based on the average price of a 120 square metre high-end used apartment in the city centres of more than 110 cities around the world during 2008. The US dollar exchange rate used is that of January 27, 2009.

It is unclear whether the research takes into account the recent slowdown in Dubai’s once thriving real estate market as the global financial crisis has tightened its grip on the emirate.

As availability of credit has dried up, prices have fallen and developers have scaled back projects.

Dubai property prices slumped by 23 percent during the last quarter of 2008, with villas showing a more marked decline than apartments, according to a report published by HSBC last month.

Anecdotal evidence suggests that real estate prices have fallen by as much as 35 to 50 percent in developments such as the Dubai Marina, Downtown Burj Dubai, and the Palm Jumeirah.

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READERS' COMMENTS

Critiscism and it's merits
Posted by Mohammed, Dubai, Dubai on Tuesday 3 March 2009 at 09:12 UAE time


Dear Saeed W
if you were in London you would find everybody critisizing the government and it's policies. Whinging about the government and it's policies in the UK is a national past time!

I dont think anyone would mind or even notice if you joined the throng!

constructive critiscism of any nature is good and leads to improvements destructive critiscism is to be avoided!

No Eternal Visa
Posted by Badria Abdul Aziz, Dubai, UAE on Tuesday 17 February 2009 at 18:20 UAE time


Some people are too keen to confuse national status with expat or guest status. The laws of our land are clear and not ambiguous. It has been said repeatedly that owning a house in the UAE does not entitle you the rights of a local and does not entitle you with an ETERNAL OPEN ENDED VISA.

Someone is not listening
Posted by Nuts on Tuesday 17 February 2009 at 10:43 UAE time


Someone is not listening to what is being said in these forums... They have failed to find investors in the current scenario to continue (against the global trend) the real estate boom. Hence, now a proposal is being made to invite expatriates (guests) on residency visa (for longer terms then visit) if they invest in the real estate in UAE.

Those who are against the guests should demonstrate their committment to their ideology by "investing" own hard earned money in real estate in home country to prevent such guests coming in. This will ensure that there are less people for whom packing support and directions to the airport are to be given.

:)

UAE IS NOT FOR SALE.
Posted by Jamal Mohamadi, Dubai, UAE on Sunday 15 February 2009 at 14:14 UAE time


Moza and Salim reflect the whole UAE locals. They have only expressed what UAE locals are expressing among themselves and to their leadership. With due respect, buying a house, or investing millions in this country does NOT make you a local and does NOT entitle you to be a local. Houses are for sale, NOT NATIONS.

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