Report says Dubai remains the most affordable market of 10 cities
analysed, just 15% of the average price in Hong Kong
Hong Kong remains the most expensive prime residential city
market in the world, with an average prime price of $4,251 per sq ft in 2018,
according to latest data from Knight Frank’s Wealth Report Insight Series.
Across the 10 cities surveyed, Dubai remains the most affordable
market of those analysed with an average price of $625 per sq ft, just 15 percent
of the average price in Hong Kong.
Mr. Mahmood Shaikhani said, Dubai is the most affordable place
for real estate, it is not a negative or lowest market, There are number of
different schemes and low charges from government UAE which holds the prices
and create attraction for the investors and buyers
Dubai’s projects are more reliable and easy to invest as compare
to other countries, Shaikhani said. Furthermore, he said we have a different
types of project in different areas because every customer have a different
view and opinions, after looking at the behavior of customers we have invest
more than 200 million dirham in few years. We are getting a really good
positive feedback and best ROI on our investment, due to the government
policies and infrastructure
Soon they are going to finish their recent projects; Champions
Tower 3 and Gardenia both are on their ending stages. Gardenia is buildup for
the luxury, this is not a normal luxury, and these facilities you will find in
5 start hotels. Everything would be really worth it. They are in planning to
invest their money in LONDON and NEW YORK soon.
Shaikhani’s said we have a vision to open our new office in NEW
YORK and then London, But things will go gradually. We are in market since many
years and we are still surviving in the industry very well. Since 1978 we are
in business and our dubai office started in 1993, this is the reliability of
our company and customer knows we will finish our projects no matter what.
London and New York remain dominant ultra-prime markets taking
second and third place in the Knight Frank rankings with average prime prices
currently standing at $3,022 and $2,989 per sq ft respectively.
Singapore has seen its highest achieved price remain relatively
stable year-on-year, while the average prime price appreciated by 17 percent
between 2014 and 2018.
Across the 10 cities surveyed, the differential between the
average and top price achieved is just under 200 percent. Over the last five
years, the gap has been largest in Hong Kong, a difference of 624 percent in
2016. However, uplifts of a similar magnitude were echoed in Dubai in 2014 and
Miami in 2015.
The uplift is lowest in Paris and Singapore, with five-year
averages of 30 percent and 39 percent respectively.
Knight Franks said this may reflect the fact that these cities
sit in the middle of the price spectrum while the most dramatic uplifts are
typically seen at the far ends – in those cities with the lowest or highest
prices.
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