- Posted August 28, 2014 by
This iReport is part of an assignment:
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- My love of everything chocolate: hot chocolate, chocolate fountains and more
- What’s new in weddings: Trends in personalized favors for guests
- How safe are e-cigarettes? E-cig safety debated after WHO report
- People keeping cars longer, performing their own repairs
Dubai real estate: How do their prices compare to America?
Some Americans are well acquainted with the shifting property values of homes across the United States – with certain segments of the home-owning public being painfully aware of how “under water” the value of their beloved Gold Coast condos in Chicago or ranch-style homes in California have fallen. One look at the shifting estimated 10-year home value chart on Zillow shows me that my own 1955-era ranch home – which we purchased for $155,000 in 2002 – has risen in value to $159,000 in 2007, but dropped as low as $115,000 in 2012. Thankfully, the worth of the home is on the rise, surging back up to $129,000 thus far in 2014.
In examining realty value numbers so closely, I can’t help but wonder how the prices of properties in diverse countries are doing around the world – especially in places that seem to be experiencing a surge of property growth and expansion. For example, what are some of the prices of Dubai real estate – and what types of amenities are being offered?
Well, a quick search turns up results like a 5-bedroom family villa that’s 9,321 square feet and situated right in the shadows of the famous Burj Khalifa – the tallest man-made structure in the world – directly near Dubai Creek. And what perchance might an American pay for this 6-bathroom masterpiece? A cool 5,249,989 United Arab Emirates Dirham, which works about to about $1,429,229.60 United States dollars.
That’s not a bad deal for a huge home with separate rooms for the maids, a large parking garage and floor-to-ceiling glass windows. But how much would something cost that’s on the “lower end” of the price spectrum? For that, we’d turn to taking a look at apartment costs in Dubai, whereby at least the monthly cost is lower than the one mentioned above.
After researching more options, I learned that luxury apartments also come with a hefty price tag in the region. For example, a four-bedroom apartment with a marina view in the Jumeriah Beach section – which is near Emirates Hills and that famously displayed palm tree-shaped “Palm Islands” group that looks like the two artificial, manmade islands that they represent – goes for 239,985 United Arab Emirates Dirham per month, which is a whopping $65,332.26 monthly rental cost in United States dollars.
Again, the apartment isn’t a totally bad price, considering the 2,127-square foot location – plus the fact that the apartment has three bedrooms, four bathrooms – with access to the facility’s swimming pool, gym and park area.
All this investigation leads me to naturally ask: What do people do in Dubai for a living to afford such luxurious living? Ah yes, all that oil money, and with the price of oil rising, countries like Dubai and Saudi Arabia have been benefitting – especially from the safe haven status. This condition has also given rise to a surge in tourism to the area, leaving others to ask: When will the other shoe drop? No human knows, so in the meantime, it’s spend, spend, spend!