How Much Does it Cost to Buy in Dubai?

Despite a flood of new residential development in Dubai, Middle East business business resource AME Info is reporting that real estate prices continue to rise. To give you an idea of how much you’d have to drop to pick up a luxury property in the over-the-top desert oasis in today’s market, we’ve taken Better Homes’ sales index report for some of the priciest villas and flats, and we’ve converted the prices from UAE dirhams to U.S. dollars. Our simplified Dubai price index covers the three most expensive villa communities as well as the three priciest apartment developments tracked in the Better Homes Index according to average sales prices for recent transactions.

As you’ll see in the index above, the priciest pads recently purchased in Dubai are located in The Palm Jumeirah (pictured above the chart), where an apartment went for just over $13 million and a villa sold for close to $9.7 mil. On average, a high-end luxury villa in Dubai will run you more than $2.5 million, and a nice apartment will set you back a more reasonable $1+ million.

Sales prices have continued to rise across the board throughout the Emirate, but demand for waterfront properties has been exceptionally strong. In the past this demand was fueled primarily by speculators betting on a continuing boom. Recently, however, Dubai has experienced an increase in real estate purchases by end users.

Dubai may be one of the few markets not feeling the global credit crunch. But will it last?

*All prices converted from AED to USD at an exchange rate of 0.272628

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Tags: Dubai real estate prices, Featured Markets, Real Estate

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