Property prices in Dubai are much lower compared to the other metropolis worldwide like Hong Kong, London, Moscow, Paris and New York.
Data stated by Colliers International in the recently released Dubai House Price Index for the third quarter of 2008 report shows that the blended average rate per ft2 for residential property in Dubai in the Q3 2008 was AED 1,919 per sq.ft (US$ 5,613 per m2).
The average rate per ft2 for completed property increased from AED 1,784 per sq.ft (US$ 5,218 per m2) in Q2 2008 to AED 1,913 (US$ 5,596 per m2) in Q3 2008.
During the last few months with the global economy in recession, the average rates per ft2 for properties under construction declined slightly (-0.4%) to reach AED 1,901 (US$ 5,560 per m2) in Q3 2008 compared to AED 1,908 (US$ 5581 per m2) in the previous quarter.
Still the average property price remain two to six times lower than in the most expensive cities for luxury real estate.
Luxury residential apartments in London are among the most expensive in the world, selling at around US$ 21,800 to U5$ 36,000 per sq m. Prime central London addresses include Belgravia, Chelsea, Mayfair, Notting Hill and Knightsbridge.
In Moscow, most buyers can expect to pay from US$ 10,764 to US$ 20,506 per sq m. The cost of renting a 120 sq m apartment in Moscow is roughly US$ 8,000 per month, taking it into the top three most expensive for rent, alongside London and New York.
High-end apartments in Hong Kong sell for between U5$ 10,490 and US$ 14,870 per sq m on average. Rent is equally expensive in the city, and tenants can expect to pay around US$ 5,600 per month for a 120 sq m apartment.
Prices in Upper Manhattan range from US$ 13,270 to US$ 22,923 per sq m for the most plush apartments, compared with US$ 12,510 – US$ 20,456 in Lower Manhattan-New York Is also one of the most expensive places to rent.
Condominium prices in Paris are approximately US$ 12,930 to US$ 18,070 per sq m. European countries following closely behind are Barcelona and Geneva, where buyers can expect to pay anywhere between US$ 6,870 I and US$ 10,400 per sq m.
