Dubai luxury realty is once again Gulf investors’ favoured spot

With a $1m investment, they can generate much more than from any of the competing cities

Dubai’s real estate is re-establishing itself as the place to be for the Gulf’s wealthy, beating off challenges from a London or Singapore.

 “If you have $1 million (Dh3.67 million), Dubai is the place to put it,” said Joseph Ghossoub, Chairman of G&Co, the upmarket developer. And the former advertising industry heavyweight pulls out the numbers to state his case.

In Singapore, $1 million will buy 66 square metres of ultra-prime property, compared to 9 square metres in Monaco, 20 square metres in London and 35 square metres in Shanghai. In Dubai, the same will “secure 83 square metres”.

“As the old adage goes, it’s about creating the right product, in the right location, at the right price. In the context of the world’s leading investment destinations, Dubai ticks all the boxes for experience, opulence and, crucially, returns,” said Ghossoub.

Compared to Singapore, Dubai’s prime real estate demands a “typical investment cost of 8 per cent, compared to Hong Kong’s 32 per cent and Tokyo and Singapore’s 20 per cent. Data from Core Savills suggests the outright cost of property in Dubai’s ultra-luxury market can be “60—70 per cent lower when compared to Shanghai and Tokyo, despite the additional quality and space”.

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