Dubai has recorded the highest growth globally for city centre property prices per square metre over the past five years on surging demand, according to a report by Deutsche Bank.
It costs $7,602 per square metre to buy an apartment in the city centre in Dubai, a growth of "122 per cent" in the past five years, the Mapping the World’s Prices – 2025 report said. It added that the emirate has been the biggest climber over the five-year period, "up 15 places to 37th globally”.
“Hong Kong prices have fallen by circa 20 per cent in five years but still top the list at $25,946, followed by Zurich, Singapore, Seoul and Geneva,” the report said.
It costs $5,977 per square metre to buy an apartment in the centre of Abu Dhabi (up 64 per cent since 2020), $4,944 in Doha, $2,664 in Riyadh and $3,036 in Istanbul, still well below other major cities, according to the study, which covered 69 cities globally.
Dubai's property market has been benefitting from government initiatives such as residency permits for retired and remote workers, expansion of the 10-year golden visa programme and overall growth in the UAE’s economy through diversification efforts.
Last month, a report by New York-based Fitch Ratings predicted that Dubai’s real estate market would enter a “moderate correction” in the second half of 2025 as a record number of projects launch. The ratings agency also estimated that residential prices could fall by as much as 15 per cent this year.
However, industry experts are confident in the market’s potential, citing Dubai’s record population growth, continuing housing demand and maturing real estate sector as indicators that any correction will be moderate.
Dubai has been ranked the 10th most expensive globally to rent a three-bedroom apartment in the city centre, according to the Deutsche Bank report. It costs $4,589 a month to rent a three-bedroom apartment in the heart of Dubai, a 49 per cent increase over the past few years.
New York topped the list - it costs $8,388 per month to rent a similar apartment in the city - followed by Singapore ($6,216), Boston ($6,091), London ($5,560) and San Francisco ($5,424), the study found.
It is significantly more affordable to rent a three-bedroom in the centre of Abu Dhabi ($3,052), Doha ($2,946) and Riyadh ($2,047).
“Dubai also ranked eighth globally for most expensive rent for a one-bedroom apartment in the city centre at $2,401 per month,” Deutsche Bank said.
Riyadh, Doha and Dubai also ranked among the top 10 cities globally for housing affordability calculated in the form of mortgage as a percentage of income. This signals a “strong purchasing power to property price ratio” across the Gulf, the report added.
The top five most affordable global cities for housing are Chicago, Riyadh, Johannesburg, Brussels and Birmingham.
Meanwhile, Abu Dhabi ranked 18th globally for quality of life on safety, purchasing power, health care and commute time. Dubai ranked 19th due to its safety and strong purchasing power, while Doha and Riyadh ranked 23rd and 31st, respectively.
In terms of net salaries, Dubai topped the region and ranked 15th globally with an average monthly salary of $4,064, recording a growth of 35.7 per cent over five years, followed by Abu Dhabi at $3,308, Doha at $3,062 and Riyadh at $2,442, the study found.
“To maximise net income, head to Geneva [net monthly salary of $7,984], Zurich, San Francisco, Luxembourg, Boston, Chicago and New York. Switzerland and the US continue to be magnets for high earners,” the report said.
In other findings, Abu Dhabi ranked among the top five most expensive cities globally to buy a car, alongside Singapore and Copenhagen, where car ownership is discouraged through heavy taxes and policy, according to the study.
However, Riyadh, Doha and Dubai were among the cheapest cities globally for petrol prices. Petrol is significantly more expensive in Istanbul due to fuel taxation, the report found.
In contrast, Doha ranked among the top five most expensive cities globally for a monthly gym membership. It costs $119 per month to join a gym in Doha, $106 in Riyadh, $86 in Dubai and $66 in Abu Dhabi.
When it comes to iPhone prices, they are most expensive in Istanbul, while the US remains one of the cheapest markets for Apple products, second only to South Korea, where “fierce competition with Samsung requires a more aggressive pricing structure”, the research said.
Prices of iPhones in Riyadh and Dubai are in the mid to high range, but more expensive than in the US and South Korea, and cheaper than Europe.
Abu Dhabi is also regarded as a city with one of the most expensive internet prices globally. The Middle East and the US are among top regions for costly mobile and broadband services, the report found.
