{"id":53539,"date":"2017-05-02T22:35:08","date_gmt":"2017-05-02T15:35:08","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cheap-digs-for-global-billionaires-in-dubai\/"},"modified":"2017-05-02T23:29:39","modified_gmt":"2017-05-02T16:29:39","slug":"cheap-digs-for-global-billionaires-in-dubai","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cheap-digs-for-global-billionaires-in-dubai\/","title":{"rendered":"Cheap digs for global billionaires in Dubai"},"content":{"rendered":"


\nSuper-luxury homes in Dubai are seven times cheaper than their luxury equivalents in Monaco, the world’s most expensive real estate market.According to a new report by estate agent Savills, Dubai’s most upmarket properties rank 10th on a list of the world’s most expensive real estate markets.Savills found that so called “prime” house prices – defined as homes bought or occupied by a regional chief executive or equivalent – in Dubai currently average out at Dh24,419 per square metre.
\nAnd it found that ultra-prime house prices – defined as those bought or occupied by global billionaires – in Dubai stood at an average of Dh44,453 per sq metre.By contrast prime house prices in Monaco stood at an average of Dh165,729 per sq metre – nearly seven times more than those in Dubai.Ultra-prime house prices in the principality averaged out at Dh400,710 per sq metre – about 10 times more expensive than the Dubai equivalent.
\nHong Kong was the city with the second highest prime house prices in the world, Savills calculated with an average of Dh156,521 per sq metre. However, Hong Kong came first in the ultra-prime category at Dh469,165.In the prime category, Tokyo came in third with an average price per sq metre of Dh116,890.Weakness in the pound resulting from Brexit meant that prime London property ranked fourth in the world at an average price per sq metre of Dh70,455.
\nSavills said that prime house prices in Shanghai had risen most steeply over the past decade, gaining 248 per cent. Meanwhile Monaco prime property prices had increased by 180 per cent over the past decade.The property broker said that the disparate nature of Dubai’s emerging property market meant that it was difficult to provide a 10-year average growth figure for the prime sub-market.However, it calculated that house prices on the Palm Jumeirah had increased by a staggering 238 per cent on average over the past decade, while house prices in Dubai Marina rose 61 per cent over the same period.
\n“Some developments [in Dubai] have outperformed top cities in the world,” said David Godchaux, chief executive of Savills’ UAE associate Core Savills.”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 the first quarter of 2016.”lbarnard@thenational.ae
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\n
\nSource : thenational.ae
\nRead more…Cheap digs for global billionaires in Dubai<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Super-luxury homes in Dubai are seven times cheaper than their luxury equivalents in Monaco, the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-53539","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-dVx","jetpack-related-posts":[{"id":53503,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/super-luxury-homes-in-dubai-among-those-affordable-in-the-world-estate-agent-says\/","url_meta":{"origin":53539,"position":0},"title":"Super-luxury homes in Dubai among those affordable in the world, estate agent says","date":"May 2, 2017","format":false,"excerpt":"\r Super-luxury homes in Dubai are seven times cheaper than their luxury equivalents in Monaco, the world's most expensive real estate market.According to a new report by estate agent Savills, Dubai's most upmarket properties rank 10th on a list of the world's most expensive real estate markets.Savills found that so\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21881,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/russian-interest-in-dubai-property-picking-up-amid-slow-rouble-recovery\/","url_meta":{"origin":53539,"position":1},"title":"Russian interest in Dubai property picking up amid slow rouble recovery","date":"August 3, 2016","format":false,"excerpt":"\r Interest in Dubai property is picking up once again among Russian buyers despite the fact that the rouble's worth remains almost half of what it was two years ago.According to real estate portal Propertytrader.ae, there has been a \"definite increase\" in visits from Russians to its site since the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23931,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-this-chinese-residential-projects-asking-price-worth-it\/","url_meta":{"origin":53539,"position":2},"title":"Is this Chinese residential project\u2019s asking price worth it?","date":"August 25, 2016","format":false,"excerpt":"\r Agile has high hopes\u00a0for a tract of land in Guangzhou Bright pink clouds above Guangzhou, China\u2019s fourth-largest city. Image credit: ArtisticPhoto \/ Shutterstock.com Guangzhou\u2019s Liwan district is considered a relatively backwards neighbourhood, far from rapid transit routes and wanting of luxury amenities. Apartments in the area command an average\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":45704,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uae-based-investors-save-millions-as-demand-for-london-property-surges\/","url_meta":{"origin":53539,"position":3},"title":"UAE-based investors save millions as demand for London property surges","date":"February 27, 2017","format":false,"excerpt":"\r A new report reveals that currency shifts are driving a fresh wave of property buyers based in the Middle East who are targeting London real estate.Post-Brexit, changes in the dollar-sterling exchange rate generated significant price savings and investment opportunities for US dollar-pegged investors in London. 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