Luxury homes in Dubai are still a bargain

      Published on Wednesday, 12 June , 2019      211 Views     
Luxury homes in Dubai are still a bargain

  • Dubai News

Time to pick up a luxury property in Dubai at a bargain? Definitely so.

The average price for such a home right now is about $625 a square foot, and that’s definitely affordable when one looks at the asking value on such properties in 2014, when the market was experiencing its last peak.



Then, a top-of-the-line home would have cost the buyer upwards of $3,000 a square foot, with one deal even going for $3,976, according to a report by Knight Frank.

The real estate consultancy reckons the current sale prices would place Dubai among the most “affordable” luxury property markets in the world.

In London, the average prime prices are in the sub-$5,000 a square foot range, while the costliest would soar to $10,000. (Last year, the priciest transaction was set at $15,000 a square foot. Knight Frank defines “prime” as making up the top 5 per cent of the costliest properties in a city.)

But Hong Kong remains the most expensive market tracked by Knight Frank, with an average prime price of $4,251 per square foot in 2018. And over the last five years the top price achieved was an eye-popping $28,154 in 2016.

Dubai developers would definitely be interested in seeing a return of buyers picking up prime properties. Recently, a deal was announced for the second costliest penthouse unit in the city, which sold for Dh73 million at the One Palm, a project from Omniyat. (The costliest deal was also struck at the development, with a unit fetching Dh102 million in 2017.)

But there could be demand growing for luxury units, but priced at a more accessible level.



“Dubai remains relatively affordable on a global basis,” said Taimur Khan, Research Manager at Knight Frank M.E. “This relative affordability is not an indication of a lack of prime schemes. In fact, there are a number of schemes where the quality matches or in some cases surpasses what is found in key global cities.”

Keywords:
Category Dubai News | 2019/06/12 latest update at 7:00 PM
Source : Gulf News | Photocredit : Google
212 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Dubai Today would like to give all of its readers from Gulf and Dubai and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Dubai Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Dubai, the Gulf and the world.


Plans withdrawn for Dubai ruler’s new lodge at Inverinate Emir

Plans withdrawn for Dubai ruler’s new lodge at Inverinate

Sheikh Mohammed Bin Rashid al-Maktoum owns Inverinate Estate and its existing properties in Kyle of Lochalsh. The new…

Dubai ruler Shaikh Mohammad Bin Rashid Al Maktoum turns 70 today Emir

Dubai ruler Shaikh Mohammad Bin Rashid Al Maktoum turns 70 today

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler…

Sheikh Mohammed meets Egyptian President in Beijing Emir

Sheikh Mohammed meets Egyptian President in Beijing

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, met President…

HH Sheikh Mohammed Bin Rashid Al Maktoum Emir

HH Sheikh Mohammed Bin Rashid Al Maktoum

Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid…

GULF TV

Popular in GULF TV

Freelancing in the UAE region

20324 Views

The global freelancing market is set to grow $20bn by 2020. Where does the market stand here in…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government