Dubai: Time to pick up a luxury property in Dubai at a bargain? Definitely so.
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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.
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The real estate consultancy reckons the current sale prices would place Dubai among the most “affordable” luxury property markets in the world.
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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.)
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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.
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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.
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“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.”
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