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The most expensive residential property city in the world

The most expensive residential property city in the world

Dubai ranks in the 10th position of the list and proves to remain an attractive property investment spot


Residential property in Monaco is now the most expensive real estate in the world, says Savills in its Spotlight on Monaco. Dubai’s prime market is seven times more affordable, ranking far behind in the 10th position on a list of major world cities and proves to remain an attractive property investment.

2016 saw the average re-sale price in Monaco reach a record high of AED 165,700 psm, up 180% in a decade. This rate of price growth is largely unseen in developed economies, however Dubai displays a wide growth range across prime areas such as The Palm, Burj Khalifa, Emirates Hills and Dubai Marina; and 94% (comparing Q1 2007 with Q1 2017) for average villa prices.

Price league: AED per square metre

 

Prime

10 year prime price growth

(in local currency)

Ultra Prime

Monaco

AED 165,729

180%

AED 400,710

Hong Kong

AED 156,521

111%

AED 469,165

Tokyo

AED 116,890

13%

AED 165,328

London

AED 70,455

70%

AED 180,940

New York

AED 66,852

45%

AED 243,790

Shanghai

AED 61,248

248%

AED 103,680

Paris

AED 47,637

32%

AED 135,705

Moscow

AED 46,836

26%

AED 186,945

Singapore

AED 40,832

75%

AED 55,643

Dubai

AED 24,419

-

AED 44,435

 The Palm

 

238%

 

 Dubai Marina

 

61%

 

 Burj Khalifa

 

-12% (since Q2 2010)

 

 Emirates Hills

 

45% (since Q1 2012)

 

Source: Savills World Research and Core Savills Research


David Godchaux, CEO of Core Savills explains: “Although it is difficult to establish an average prime price for Dubai in the past ten years (given the large variety of products in districts with fundamentally different drivers); we took a closer look at individual areas and noticed that some developments have outperformed top cities in the world such as The Palm.”

Since 2007, Dubai’s market conditions have changed immensely and today we are witnessing prime areas lagging in performance even though the mainstream areas are witnessing a gradual recovery, initiated since Q1 2016.

Transaction volumes continue to be steady across most prominent residential districts with many witnessing double digit year-on-year rise, largely driven by the growing off-plan market.

A distinctive trend continues to prevail in both apartment and villa sub-markets. Although softening for almost two years, the prime segment continues to indicate further contraction in prices.

Despite slight yield compression witnessed over the last 6 to 12 months, Dubai’s prime and mainstream residential market continues to be positioned attractively as a real estate investment on the global scene.

 

ENDS

Download the full Dubai Residential Market Q1 report here.

 

For further information, please contact:

Mathilde Montel, PR Manager mathilde.montel@core-me.com

 

About Core (UAE Associate of Savills)

As one of the largest UAE property services firms, Core (UAE Associate of Savills), combines unrivalled local market insight with the international strength provided by over 700 global offices. As a full-service real estate business, working with tenants, landlords, investors and developers of residential and commercial real estate in Dubai and Abu Dhabi, the company provides integrated expertise across all property sectors, including prime real estate, international residential, offices, retail, hotels, industrial and logistics.

www.core-me.com

 

Twitter: @CoreSavills and @DavidGodchaux

Facebook: Core Savills



Source: Press Release