Apartment Prices Comparison Between Sydney and Dubai
As two global cities, Sydney in Australia and Dubai in the UAE, provide an interesting comparison of the cost of living.
Cost of Living and Rent
Sydney is famously expensive, especially when it comes to the cost of housing and more specifically rent. A one bedroom apartment in the central city will costs around AUD 3,292(AED 8,019) while a similar one in the outer part of the city will cost AUD 2 In the city center, a three-bedroom apartment will cost AUD 6,528 (approximately AED 15,899) while in other areas of Sydney it will cost.
Dubai, however, is a little cheaper than Abu Dhabi. The cost of a one bedroom apartment in the city center is around AED 7,927 (AUD 3,255), and for an apartment outside the city center is approximately AED 4, For a three bedroom an apartment it will cost AED 14,937 (approx. AUD 6,133) in the city center and AED 10,375 (approx. AUD 4,260) outside the city center.
Property Purchase Prices
As for those who are willing to purchase, Sydney is much more expensive than Brisbane. The cost of an apartment in the city center is AUD 2,147 per square foot and in other parts of the city is
Dubai is much cheaper, especially for investors. The price per square meter in the city center is AED 1,659 (approximately AUD 681) and AED 986 (approximately AUD 405) in the other areas. The rental yields are also higher in Dubai particularly in the real estate sector with city center properties yielding 9.89% gross rental yield compared to Sydney’s 3.25 %.
Affordability and Financing
In comparison with the price to income ratio, the property in Dubai is fairly affordable. This means that the Dubai’s ratio is 5.59, while that of Sydney is 14.83, which makes it easier for the residents to buy property. Also, the mortgage to income ratio is also much lower in Dubai at 43.65% in contrast to Sydney at 131.22%.
Living Expenses
Other expenses like accommodation, food, and transport and so on are also cheaper in Dubai as compared to other countries. Housing, food and even transportation is relatively cheap. For example, the price for food in Dubai is 17% cheaper than in Sydney and the same applies to restaurant meals. Transportation in Dubai is about 42.5% cheaper for public transport and much cheaper for taxi and fuel.
However, the cost of living and housing in Dubai is relatively cheap when compared to the other city whether you are renting or buying. Besides the general affordability of properties, the yield of investments in the real estate of Dubai is much higher in comparison with other large cities for which one may consider relocation.