Prices for luxury real estate in Dubai are still much cheaper than in top cities

Prices for luxury real estate in Dubai are still 20-80% lower compared to such major cities as Monaco, Hong Kong, New York, London, Geneva, Paris, Beijing, Tokyo, etc., despite a significant increase in prices after COVID-2019.

According to a report by Knight Frank, for $1 million (3.67 million AED) in Dubai, you can buy 105 sq. m., in Monaco – only 17 sq. m., in Hong Kong – 21 sq. m., in New York - 33 sq. m., in London – 34 sq. m., in Paris – 43 sq. m. m, in Tokyo – 60 sq. m, in Melbourne – 87 sq. m.

Attractive prices have led to a massive influx of foreign investment in the elite real estate segment of the emirate. The boom has been going on since 2020. An important factor was also the successful overcoming of the pandemic and the introduction of new long-term visas.

In 2022 several deals were concluded for record amounts. For example, an apartment was sold for 410 million dirhams. The price growth in the high-budget segment last year amounted to 44%, which is the maximum value among the 100 markets analyzed by Knight Frank.

The company's experts forecast that prices for luxury real estate in the emirate will grow by 13.5% in 2023. This is more than the expectations for all other major cities in the world.