Dubai tops list for property prices in emerging world

HIGH COST: Residential property rates in Dubai are the highest in the emerging world, according to new figures. (Getty Images)

Dubai has ranked first among 59 cities in 34 emerging countries with the highest average residential property prices, a survey published on Tuesday revealed.

The emirate recorded a rate of around $7,000 per sq m as of February 2009, according to the latest Market Data released by REIDIN.com, a global online information services provider.

Next to Dubai, Singapore has emerged as the second city with the most expensive residential properties with an average sales price of $6,600 per sq m, followed by Moscow,  Hong Kong, Beijing and Tel Aviv.

Muscat, Oman also featured in the top 10 cities list alongside Ljubljana, Prague and St Petersburg.

Within each city, districts are categorised according to six main district types on the basis of concentration of business, land valuation, and access to key locations, among others.

A set of prices is then selected from datasets and the minimum, maximum and average is calculated statistically.

According to figures as of February 2009, the average rental price for residential units in Dubai Downtown, Central Business District is between $17.54 per sq m. and $56.41 per sq m monthly, while buying apartments in the same area cost from $3,444.16 and $9,861.17 per sq m.

Updated on a monthly basis, the date covers Asia, Europe, GCC, MENA, Sub-Saharan Africa and Latin America.

Ahmet Kayhan, CEO, REIDIN.com, said: "As with the rest of our products, the credibility of the information offered by Market Data is unsurpassed, which will prove valuable to help players make intelligent decisions based on dependable market data."

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READERS' COMMENTS

Outdated
Posted by Ars, Dubai on Wednesday 29 April 2009 at 12:37 UAE time


Which apartment costs $ 9861 / sqmnas per the most recent prices ? I see everything upto max of AED 2000/SFT in PRIME locations such as DIFC and Downtown. Only exception being the tallest tower which is a landmark still around AED 3000 / SFT max. Read last para again.

More damage!
Posted by RD on Tuesday 28 April 2009 at 17:17 UAE time


If this is true, there’s much more to fall (prices) here…. I can’t see how real estate and demand thereof can be more in Dubai than overly-populated and more stable countries such as Singapore, Hong Kong, Moscow, and Beijing. I think this news is most damaging in terms of long-term real estate strategy. Another deterrent to buying property here and these people probably think this ranking is a good thing (maybe because they came 1st in something other than the biggest flag in the world).

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