Renting a luxury home in London, Dubai and New York
Property investment around the world has seen a fluctuation this year. Even popular cities like London, Dubai, and New York have been the subject of debate regarding their appeal for investors.
Comparing general sentiments and the rent within high-end areas of each location reveals interesting patterns in terms of demand and the property market.
London
The southeast of the UK is in the grip of a temporary downturn in commercial property investment, but its residential market is holding its own. Gateley’s venture into housing development, for example, has paid off as its revenue up to April 2019 increased by 20%.
There is a difference, however, between types of rented properties in London. A house in Croydon can cost anywhere between £1,000-2,300 pcm. On the other hand, a four-bedroom property in Earls Court can reach £5,980 or over per month. The next level up would be a seven-bedroom house in Holland Park at the price of £54,167 pcm.
Source: Unsplash
Dubai
The United Arab Emirates’ jewel of a city remains of high interest to investors. As a result of a decrease in prices between 2018 and 2019, demand for properties in luxury areas is as great as low-cost neighbourhoods. Once again, however, the high-end areas have a range of investment opportunities that entirely depend on renters’ needs and budgets.
At the cheaper end of the villa spectrum is a 2-bedroom property for AED 7,000 (£1,459) pcm in Dubai South. A villa of 2,690 sqft in Mirdif, including four bedrooms and four bathrooms, comes at a monthly cost of AED 20,500 (£4,272). The most expensive property advertised on Bayut, an online real estate platform and property specialists, is a seven-bedroom luxury villa on the Palm Jumeirah priced at AED 100,000 (£20,838) pcm.
Source: Unsplash
New York
The US residential property market has been impacted by its own lapse in interest and value in 2019. Mansion Global reports a 34.9% drop in median sales prices and 32.6% in average sales prices for Manhattan townhouse sellers. Despite their reluctance caused by several factors, investors have benefitted from this change as much as they have in London and Dubai.
Renters looking for a comfortable home have a selection of properties to choose from. A 7-bedroom house in Manhattan can cost up to $65,000 (£49,753) pcm. However, $2,250 (£1,722) per month can get a 1-bedroom house in Manhattan. A similar property in Soho starts at $3,000 (£2,296). If luxury really is the aim, six bedrooms in the Upper East Side come at a price of $59,000 (£45,161) pcm along with landscape gardens, fireplaces, gourmet kitchens, and many other indulgent features.
Source: Pixabay
Three cities from different corners of the earth. Yet similar trends and price ranges appear when it comes to renting. Investors are definitely more careful when it comes to choosing the right property, but this has not prevented developers and realters from offering and, in fact, selling high-cost houses and all the luxuries they entail. The market’s range continues to thrive because there is demand.
The good news is that a seemingly global decrease in prices makes this a great time to grab a dream home in some of the most sought-after areas in the world.
