In the world of real estate, $1 million opens the doors to an array of property types. However, from city to city, the offerings can vary drastically based on several factors that affect the real estate landscape including area, developers, amenities and more.
Two global hubs that attract high-net-worth individuals are Dubai and Los Angeles – both offering opulence and investment opportunities yet worlds apart in their real estate offerings.
Dubai continues to experience an incline in the city’s real estate investment interest, attracting millionaires and billionaires at staggering rates. Areas like Downtown Dubai and Dubai Marina, for instance, offer spacious three-bedroom apartments spanning 2,000 to 2,500 square feet with views of the skyline and including several high-end amenities.
On the other hand, the city of Los Angeles offers a drastically different meaning in the real estate market. Known for its glamour and steep property prices, there is a stark difference in what buyers can expect for their money.
In popular areas like West Hollywood or Silver Lake, a budget of $1 million can fetch a modest two-bedroom condo ranging from 1,000 to 1,500 square feet. The properties often come with shared amenities and offer views of the city. In up-and-coming neighbourhoods like Highland Park or Leimert Park, this budget might buy a small three-bedroom house, usually around 1,500 square feet.
Here is a comparison of what $1 million can get you in these contrasting markets:
The Address Fountain Views 1
Price: AED3,650,000 ($993,731)
Location: Downtown Dubai
Features:
- One bedroom, two bathrooms
- 840 sq. ft.
- Fully furnished
- Burj Khalifa view
- Infinity swimming pool
- Gym
- Spa
- Basketball court
818 North Doheny Drive
Price: $1,149,000 (AED4,220,305)
Location: West Hollywood
Features:
- One bedroom, one bathroom
- 1,154 sq. ft.
- $300k remodeling
- High-end appliances
- Napolean electric fireplace
- Open floor plan
- Walk In closet
- Large balcony
23 Marina
Price: AED3,650,000 ($993,731)
Location: Dubai Marina
Features:
- Three bedrooms, four bathrooms
- 2,980 sq. ft.
- Maid’s room
- Two parking spaces
- Open-plan living and dining room
- Semi-open plan kitchen
- Wrap-around balcony
- Skyline views
6764 North Figueroa Street
Price: $999,999 (AED3,672,856)
Location: Los Angeles, 90012
Features:
- Four bedrooms, two bathrooms
- Landscaped backyard
- Two-car garage
- Storage room
- Attic
- Handmade wood barn doors
On Wednesday, Arabian Business reported that the Dubai real estate market offers rental yields of up to 11 percent in some areas, significantly outperforming global property markets in 2024.
The increase was attributed to increased demand and rising property prices in the city, according to Bayut’s latest research.
Los Angeles is currently experiencing a property sector slowdown, according to data from Norada Real Estate Investments, fuelled by rising national mortgage rates across the country. Research has revealed a minor decline in the number of housing transactions year-on-year.
For those with a budget of $1 million, both markets offer varying property types. Ultimately, for those seeking to purchase homes, experts suggest a calculated decision based on personal factors, preferences, investment capabilities and assessment of long-term goals.
Follow us on
