Why Properties in Dubai is more affordable than other major cities?
Properties in Dubai continue to be more affordable with the ongoing correction in the sector, leading to a more than 10 per cent annual decline across a broad spectrum of residential communities.
Property in the most popular city in the UAE has always attracted property hunters from all over the world. It is a great solution regardless of whether you are looking for a second home, a buy-to-live or an investment option.
The country’s stable economy, high level of security, great quality of living, and comfortable climate conditions make the region a sought-after destination among foreigners.
Following the highest standards of sustainable development, Dubai implements green technology in the construction industry, which puts it in a better position than other markets. Our property database offers a comprehensive range of cheap apartments in Dubai for all budgets.
There are plenty of studios and family-sized apartments to choose from. You will find ready-to-move-in homes and off-plan property options. The most attractive listings directly from major developers are available not only to UAE citizens but also to foreign investors. Cheap properties in Dubai is a great opportunity to diversify your investment portfolio and get some decent returns.
The affordable properties in Dubai
The city of Dubai attracts investors from all over the world. Most expats and tourists coming on holiday prefer to choose cheap housing in Dubai. This ensures high returns on investment for property in Dubai where the real estate market is developing rapidly.
The city offers different types of housing including:
- compact studio apartments;
- apartments with one bedroom and two bathrooms.
These are the most affordable options for the properties in Dubai. The cost of a two-bedroom apartment in Dubai will be higher.
Beachfront apartments with access to luxurious beaches are also popular housing options. Many tourists as well as expats choose such apartments. Since the holiday season in the UAE lasts almost all year round, the demand for holiday housing does not depend on the season which ensures high rental yields all year round.
Another sought-after option is apartments in the central districts of the city where many country’s tourist spots and business life are concentrated.
Study showed that luxury property prices in Dubai are nearly 90 per cent cheaper than the most expensive city.
Luxury Life in Affordable Prices in Dubai
Luxury comes at a high cost in most cities around the world. But not so much in Dubai – thanks to very little taxes in the emirate.
Dubai offers pretty good consumer value for certain high-end goods and services, such as luxury jewellery, business class travelling and wedding banquets amongst top luxury cities in the world, according to Swiss bank Julius Bär’s Global Wealth and Lifestyle Report 2020.
It compared 28 cities for prices of 20 luxury and lifestyle products such as high-end real estate, cars, business class flight tickets, hotel suites, ladies shoes, men’s suites, jewellery, boarding schools, universities, lawyers, wedding banquets and laser eye surgeries, among others.
Interestingly, Dubai didn’t rank the most expensive city in any of these luxury products.
Globally, the emirate was ranked 17th most expensive city, more affordable than Hong Kong, New York, Singapore, London, Zurich, Bangkok, Paris, Vienna, Sydney and Rio de Janeiro, etc. Mumbai, Johannesburg and Frankfurt were the least expensive cities in 2019.
The study showed that luxury property prices in Dubai are nearly 90 per cent cheaper than the most expensive city, Monaco, while owning a car is nearly 36 per cent cheaper in Dubai than Singapore, which is the most expensive city to buy one.
Dubai is not only cheap for the luxury property market; it is relatively cheap when it comes to owning high-end cars. Dubai is quite interesting also when it comes to wedding banquets and buying business class tickets. On the other side, Dubai is positioning itself more and more about city that would like to attract wellness services companies.
When Dubai is compared with the 28 cities’ average, it is cheaper in residential property, jewellery, cars, business class tickets and wedding banquets. But the emirate is costlier in buying watches, ladies handbags and shoes, men’s suits, pianos, hotel suites, fine dining and beauty services.
Conclusion
Globally, Asia is the most expensive region, particularly for residential property, and is home to six of the 10 most expensive cities. European cities offer the best value; the continent’s best-valued cities for luxurious living are Barcelona and Frankfurt. The Americas rank second overall led by New York, while Vancouver lays claim to the most affordable city within the region.
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