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The price of a prime apartment in Dubai is approximately €7,200 ($8,400) per square metre, putting the Gulf state far behind other cities in the top-end price tables, at 34th position, according to a report from New World Wealth.
Monaco, with an average price of €41,000 ($48,000) per square metre, remains the most expensive city for prime property out of the 54 destinations included in the study by the market research firm.
Monaco is followed by New York – which has just overtaken London.
Dubai trails behind Saint-Tropez, Paris and Nice in France, as well as Rome, Florence and Milan, The Hamptons, Los Angeles, Miami and San Francisco, as well as a number of Asian hotspots such as Hong Kong and Beijing.
“Notably, prices in New York, Sydney, Beijing and Shanghai all rose strongly over the past 12 months, while prices in London, Parish and Rome are all down,” said New World Wealth.
Andrew Amoils, Head of Research at the company, said that prices in Dubai's prime real estate are still rising, aided by the continued influx of wealthy individuals into the city.
"Most of the wealthy people moving to Dubai are coming from Africa and the Middle East. I would imagine Dubai should break into the top 30 worldwide within the next ten to 20 years. It is certainly an up-and-coming hotspot," he told Gulf News.
Dubai tops the list in the Arab world, with Abu Dhabi following closely behind in 35th position. The other two Gulf cities included in the study, Doha and Riyadh, occupy 38th and 40th place, respectively.
New World Wealth analyses the top prime property hotspots worldwide as part of its “Global Wealth Migration Review”. The latest data reflect the prices of prime property as of September 2017.