By Sam Bridge
Knight Frank's Wealth Report 2020 shows that $1m will buy you 154 sq m of prime real estate in Dubai compared to just 16.4 sq m in Monaco
Luxury residential property prices in Dubai are 10 times cheaper than the world's most expensive city, it has been revealed.
The Prime International Residential Index (PIRI 100), part of Knight Frank's Wealth Report 2020, showed that for $1 million investors can snap up 154 sq m of prime real estate in Dubai where values fell by 0.7 percent last year.
By comparison, a list of the world's most expensive cities was topped by Monaco where the same price tag will only buy you 16.4 sq m, followed by Hong Kong (21.3 sq m) and London (30.4 sq m).
Kate Everett-Allen, head of international residential research at Knight Frank, said: “Monaco continues to be the most expensive city in which to buy luxury residential property.
"$1m buys just 16.4 square metres of accommodation here - the equivalent of a bedroom. This is followed by Hong Kong and London. New York slipped to fourth place in 2019 although the gap between London and New York is small with currency shifts also proving influential.”
How many square metres of prime property does $1m buy in key cities?
Hong Kong 21.3
New York 32.2
Los Angeles 39.0
Cape Town 174.3
Sao Paulo 202.3