Apartment Prices and Rent Comparison Dubai vs Canada
When comparing the prices for the apartments and rental costs between Dubai and Canadian megacities more precisely Toronto and Montreal several differences and similarities can be stated that might be crucial for the potential buyers and expatriates.
Rent Prices: A Comparative Analysis
Dubai:
- City Centre: The cost of hiring a one bedroom apartment in the city center Dubai is found to be AED 7,927. 36) and for a three bedroom flat of AED 14,937 on the average. 02.
- Outside City Centre: New units are also cheaper away from the central business district as one would expect with one-bedroom apartments geared at AED 4,858. 474 of which, 72 two-bedroom units and three-bedroom units within the range of AED 10,375. 00.
Toronto:
- City Centre: A one bedroom apartment in the city center of Toronto costs CAD 2,513. 22 (AED 6,706. 30). A three bedroom apartment costs up to CAD 4,488. 46 (AED 11,977. 07).
- Outside City Centre: A little lower prices are offered outside the city center, where the price for one-roomed apartment is CAD 2,139. 130 (AED 7,935. 94) for two-bedroom units and CAD 3,600 for the three bedrooms units. 89 (AED 9,608. 66).
Montreal:
- City Centre: A one-bedroom apartment is average of CAD 1,285 and it is located in Montreal City Centre. A three bedroom thus going for approximately CAD 2,156, while a one bedroom is approximately CAD 1,619 (AED 59,093 to 93; AED 3,436. 64). 25 (AED 5,765. 60).
- Outside City Centre: In the suburb area of the city, a one bedroom is relatively cheaper and costs about CAD 980. 34 (AED 2,621. 08), and three-bedroom units are CAD 1,761. 24 (AED 4,709. 65).
Property Purchase Prices
Dubai:
- City Centre: The price for a new apartment is $1,659/Sq-Ft and this is the price for an apartment in the city center of Dubai.
- Outside City Centre: However, if you look for something cheaper it can be found for about AED 985/Sq-Ft outside the city center.
Toronto:
- City Centre: In Toronto, purchasing an apartment in the city center is much more expensive, at around CAD 1,314.60 (AED 3,507.89) per square foot.
- Outside City Centre: Prices are lower outside the city center, at about CAD 1,008.95 (AED 2,692.29) per square foot.
Montreal:
- City Centre: The cost to buy an apartment in Montreal’s city center is approximately CAD 685.84 (AED 1,833.76) per square foot.
- Outside City Centre: Prices outside the city center are around CAD 429.87 (AED 1,149.96) per square foot.
Factors Influencing Costs
Economic Stability and Growth:
- Moreover, Dubai tends to occupy a favorable geographical position, apply no taxes on its income, and feature an impressive rental yield which is at 9% on an average. 89% to 10. 83% in prime areas.
- Toronto and Montreal represent two of the most stable markets in Canada with steady and progressive property prices requests have continually been demand-driven and supply constrained.
Quality of Life and Infrastructure:
- The lifestyle in Dubai is relatively healthy with good infrastructure services, luxurious and modern shopping centers as well as clinically proven health facilities. Here we see that its public transport like the Dubai Metro is still being developed further.
- The quality of life the people of Canadian cities is high; they have efficient public transport, and good health care services among other factors. But, the price for the ‘rent’, especially concerning houses and other forms of shelter, may be slightly higher.
Cost of Living:
- In conclusion, it can be said that cost of living in Toronto and Montreal is higher than in Dubai. Some of the major cost differentials found were groceries, dining and transportation where Canadians spend more than what their counterparts in Dubai spend.
Like any other city around the world, Dubai provides several benefits in property investment and living standard than some of the biggest cities in Canada such as Toronto and Montreal. Hence Dubai offers higher rental yields and tax-exempt environment to investors who want to seek high short term return on their investments. On the other hand, considering Canadian cities some benefits include; stability accompanied by tremendous long term capital appreciation as compared to the Australia cities but has lower rental gross yields.