While Dubai is often considered an expensive place to live, a subdued property market has raised the emirate’s rental properties to the top of the rankings for size of space available for $10,000, according to Knight Frank.
Global rent research by the real estate consultant across eight global cities found that $10,000 per month gets a Dubai tenant 4,892 sq. ft. By contrast, Hong Kong is the most expensive city by residential property rent, where the same amount will get tenants 1,495 sq.
Madrid is second best city that offers value in terms of price per square foot. For $10,000 per month, one can rent 4,801 sq. ft. in Spain’s capital.
After Hong Kong, New York was the second most expensive, followed by Singapore, London, Sydney, and Shanghai.
The global comparisons are based on a three-bedroom apartment in a central location, Knight Frank said.
Dubai’s property market had been subdued in recent years, further exacerbated by COVID-19. However, stimulus activities by the government...read more...