Dubai’s real estate prices have witnessed remarkable increases recently, although they remain significantly lower than their counterparts in major global cities, Invest-Gate reports.

This made UAE an ideal destination for investors and those seeking to own luxury properties.

While a million dollars can buy a luxurious property in Dubai with an area of over 100 sqm, it would only purchase a property of 17 sqm in Monaco, 21 sqm in Hong Kong, and 33 sqm in New York.

These cities are known to be the most expensive in the world regarding the number of square meters that can be purchased with a million dollars.

This information revealed by Knight Frank’s report analyzed the number of square meters that can be purchased with a million dollars in a study conducted across 20 major cities worldwide, including Dubai.

The report indicated that some cities share a similar value of properties that can be purchased with a million dollars. Still, Dubai remains at an advantage due to its quality of living and the availability of all services for residents.

Among these cities are Madrid, where a property of 106 sqm can be purchased, and Mumbai, with 113 sqm. The report also highlighted a 5.2% average increase in luxury housing prices worldwide, placing it 35% higher than in 2009, the lowest point during the previous financial crisis.

The report noted that Dubai recorded the most significant growth in primary prices last year, reaching a rate of 44%, but values are rising from a relatively low price base.