Comparing New York and Dubai Apartment Prices
The markets of New York and Dubai are rather contrasting, or can be considered as opposite because of the differences in economic systems, culture, and laws. Although both of them are recognized their tall buildings and lavish lifestyles, the price and profitability of apartments in these cities vary.
New York Apartment Prices
Real estate cost is one of the highest in the world today particularly in New York City. It has been seen that with the increasing rate of demand for houses and other properties, space is quite scarce and thus tends to push up the prices to a great extent. On average, depending of a location of New York, prime residential property costs $2,000 to $3,500 per square foot. For instance, a rather modest one bedroom flat in Manhattan can easily set you back by more than $1m. Added to this, high property taxes, as well as unfavorable regulations also ease the costliness of living and owning property in the city.
Dubai Apartment Prices
Dubai is relatively cheaper in the aspect of properties, especially houses and apartments, even those located in the city central business districts. In Dubai’s premier locations the price per square feet varies between 400 to 600 US dollars, which is considerably below New York’s figure. These feature is enhanced with great comforts and great design and quality for the buildings that are being constructed at the area.
While the one bedroom apartment in New York might cost anything between $500,000 to $800,000, one can get a similar apartment in Downtown Dubai or Palm Jumeirah for anything between $400,000 to $700,000 which therefore leaves New York more expensive than the two destinations in Dubai.
Cost of Living Comparison
Other than house prices, cost of living in Dubai is cheaper as compared to that in New York. For instance, while apartment rents in Dubai are less than one-half of those for New York at 54%. Furthermore, and most remarkably, the time proved that the costs of the daily consumables like food, transportation and even eating out are relatively low in Dubai. This makes Dubai not only a good place to invest on property but also cheap living standards for expats and retirement.
Investment Potential
The returns on rental income and property value are high due to fixed assets that provide good returns to investor in the Dubai real estate market. Some of the factors include; strategic location of the city, it has no taxes, and it offers favorable conditions to investors from the foreign arena. On the other hand, New York benefits from stability and brand image however the initial barriers of investment are high and rental yield comparatively lower..
Although there are differences that make New York more preferable for purchasing properties and investing than Dubai it still has its advantages such as a cheaper property compared to New York with high rental yields and a good business climate. On the same note, New York remains one of the preferred locations for appealers in search of the prestige and more importantly a stable rate of returns through firmed up property prices despite the generally elevated prices.