Knight Frank Global Waterfront Report says waterfront properties in Dubai carry the highest premium in the world outside Australia
Prices for prime waterfront properties in Dubai are on average more than 50 percent higher than comparable homes inland, according to new research.
The new Knight Frank Global Waterfront Report said waterfront properties in the emirate carry the highest premium in the world outside Australia.
The real estate consultancy said the premium in Dubai averages out at 50.7 percent, behind Sydney (89.3 percent), the Gold Coast (64.1 percent) and Perth (53.2 percent) and ahead of Paris (48 percent) in the world's top five.
Globally, Knight Frank said waterfront properties are on average 40 percent higher than comparable properties inland.
It added that harbour-side addresses command the highest premium at 59.1 percent followed by beachfront homes (58.5 percent), river (36.8 percent) and lakeside (32.7 percent) homes.
Liam Bailey, global head of research at Knight Frank said: “Waterfront addresses are amongst the most desirable in the world, however not all prime waterfront properties are equal and the premiums vary depending on location and amenity.
“The waterfront market is amongst the most liquid. Even in a depressed market, due to their position and scarcity, a frontline waterfront property will face strong demand with prospective buyers aware that their future exit strategy will also be assured.”
Analysis shows there is some correlation between the volume of water and the premium generated. Where water is in abundance – island properties such as Hong Kong and Singapore – the premium is smaller.
Waterfront homes are most popular among British buyers followed by the US, Canada and Germany, Knight Frank added.