Cost Of Buying Property In Dubai

Prime Life in Prime Properties of Dubai

  • February 24th, 2021

Dubai is known best for its alluring buildings. Each detail of the city is made carefully that adds celebrations in life. Life is celebrating every day in Dubai. Considering the range of invigorating buildings of the city, Knight Frank says that Dubai is the second city with the highest number of prime properties in the world. This world-known UAE city comes after London that has 68, 189 prime homes. Dubai owns 42, 356 units. Dubai is followed by Sydney with 27, 436 units, Hong Kong with 21,285, and Singapore with 10,416 units of prime properties.

The statistic gave a special acknowledgment to the experts of the city who made it possible in taking its name to the global level. From making The Palm Island to constructing the largest tower in the world, the city very well justifies its pride. The joyful life and the strict laws of the city attract people from all around to invest in the eclectic properties. The cherry on the top is that vicinity is close to each community.

Dubai is a place of 536 millionaires with a net worth of more than $30 million. In addition to this, the threshold of the chief properties in London is 2 million British pounds, whereas, Dubai stands at $5 million, and Sydney at A$3 million.

As per the same source, Knight Frank, Dubai stood in the 6th position, following Buenos, Aires, Cape Town, Bangkok, Hong Kong, and Doha in 2020. This noticeably displays the perfections Dubai has brought. According to the latest Wealth Report 2021 of the source, “Only two cities, Dubai (-2%) and Buenos Aires (-8%) are forecast to see prime values decline. Latin America, with a limited vaccine rollout, is set to recover more slowly than other regions. Dubai’s rate of price decline should slow as travel restrictions ease and the postponed Expo 2020 takes place…”

Following a fall in prices in 2020, Knight Frank saw indications of a recovery in some prime sub-markets. “For example in the six months to December 2020, apartment and villa prices on the Palm Jumeirah increased by 5.1 percent and 9.4 percent, respectively. Over the same period, villa prices in District One have increased by 3.5 percent. Other prime markets such as Downtown Dubai and Emirates Hills are also showing similar signs of improvement in market performance…” the consultancy said in a report on the UAE property market.