Dubai property market

Compared to London and New York, Dubai is able to offer luxury accommodations at a fraction of the price.

London still ranks among the most expensive cities to live in, and rising property prices are not looking to get better any time soon. Prime properties in London can fetch as much as $8,400 per square foot. Its prices like these that have many Brits looking overseas for a place to call their own. Dubai is now one of the most popular destinations, and when you compare $610 per square foot to London's prices, it comes as no surprise that many are looking to move. London is already heavily overbuilt, and because of strict planning laws, there are very few new units being made available.

Many of the issues facing London home buyers is the fact that London is one of the world's most developed cities. Many of the world's top earners live and work here making prime property heavily sought after. Another issue is the weakening dollar. Because of America's stagnant economy, the pound has increased in value. The economy in the U.S still does not seem to be hampering certain prestigious areas like those bordering Central Park in New York. Prices per square foot are hitting records, as high as $6,300.

With prices in cities like London and New York excluding all but the very wealthy, countries like Dubai will continue to experience incredible demand. Dubai has consistently been able to add new units and is able to keep demand in check. Dubai is also able to attract many kinds of investors. There are those looking for retail space, residential and luxury accommodations. If cities like New York and London are not able to somehow reduce demand on the limited supply, global corporations will continue to relocate to Dubai and start pouring millions into the economy there. For at least the next several years, Dubai's property market is expected to grow and provide both investors and home buyers a wealth of opportunities.

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