Dubai property 15th most expensive in the world - study

By Tom Arnol Tuesday, 10 February 2009 5:01 PM

With an average price tag of $7,151 per square metre, property in Dubai is the fifteenth most expensive in the world, according to a recent study.

But it is still cheap compared to Monte Carlo where a top-end apartment costs on average $47,578 per square metre – almost seven times as much as Dubai.

Property in Moscow, which came in second place, costs $20,853 per square metre, followed by London at an average of $20,756.

At the other end of the scale, Cairo was found to be one of the cheapest cities in the world, with a high-end apartment there costing an average of only $574 per square metre.

Property research group Global Property Guide collected the data based on the average price of a 120 square metre high-end used apartment in the city centres of more than 110 cities around the world during 2008. The US dollar exchange rate used is that of January 27, 2009.

It is unclear whether the research takes into account the recent slowdown in Dubai’s once thriving real estate market as the global financial crisis has tightened its grip on the emirate.

As availability of credit has dried up, prices have fallen and developers have scaled back projects.

Dubai property prices slumped by 23 percent during the last quarter of 2008, with villas showing a more marked decline than apartments, according to a report published by HSBC last month.

Anecdotal evidence suggests that real estate prices have fallen by as much as 35 to 50 percent in developments such as the Dubai Marina, Downtown Burj Dubai, and the Palm Jumeirah.

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Hong Kong’s Causeway Bay tops shop rent list

The Most Expensive Blog (The home of the most expensive & luxury things in the world) presents Hong Kong’s Causeway Bay tops shop rent list.

 
Hong Kong‘s shopping district of Causeway Bay has knocked New York’s Fifth Avenue off the top of the list of most expensive places to rent retail space in the world.

The Big Apple’s most famous shopping street lost its top ranking for the first time in 11 years, in a sign of the strong demand for luxury goods from cashed-up Chinese shoppers, property services firm Cushman & Wakefield said.

“The highlight of this year’s survey was Hong Kong… notwithstanding slowing economic activity, retailers continued to see the market as the ideal launching platform into mainland China,” the firm said in a statement.

Causeway Bay saw a surge in leasing activity with a 34.9 percent hike in rental values to $2,630 per square foot, compared with $2,500 in New York. The Champs-Elysees in Paris climbed two places to third at $1,129.

“There has been the usual jostling for the top positions between Hong Kong and New York,” Cushman’s Global Retail Services chief John Strachan said.

“But of course the real message here is the unfaltering advance of the top global cities, fuelled by a shortage of supply and the interest of international brands.”

Cushman’s Main Streets Across the World report found that luxury retailing was driving rental growth, with stiff competition for the “most coveted” locations.

The Asia-Pacific region had five of the 10 most expensive locations in the world, thanks to its increasingly affluent middle-class.

From luxuo.com 

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Dubai to build world’s biggest mall

The Most Expensive Blog (The home of the most expensive & luxury things in the world) presents Dubai to build world’s biggest mall.

 Dubai on Saturday announced a new development to open the world’s biggest mall and a park larger than London’s Hyde Park.

The ruler of the Gulf desert city state, Sheikh Mohammed bin Rashid al-Maktoum, announced the plan for a “new city within Dubai,” according to an official statement, naming it after himself.

No cost was stated for “Mohammed bin Rashid City,” to be carried out by his Dubai Holding and the publicly-listed Emaar Properties, which developed many of Dubai’s prestigious projects, including Burj Khalifa, the world’s tallest tower.

The plan also features new residential areas, although the emirate continues to have a surplus of units built during a five-year bubble which burst in 2009.

The “Mall of the World” will have a capacity of 80 million visitors a year to become the “largest in the world,” while its park will be “30% bigger than Hyde Park of London.”

The mall will be connected to a family entertainment centre to be developed in cooperation with Universal Studios International that will be the largest in the region, aiming to attract six million visitors a year.

The emirate already has countless malls and hotels, including the Dubai Mall, touted as the world’s largest shopping, leisure and entertainment destination, with 62 million visitors this year.

“The current facilities available in Dubai need to be scaled up in line with the future ambitions for the city,” Sheikh Mohammed said in the statement.

Dubai’s tourism is growing by 13% a year with hotel occupancy hitting 82% in 2011 while hotel revenues grew 22 percent last year, exceeding $4.4 billion.

From luxuo.com 

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Britain’s most expensive garage

The Most Expensive Blog (The home of the most expensive & luxury things in the world) presents Britain’s most expensive garage.

 
The Britain’s most expensive garage space (pictured below), a six meter double garage located in the prestigious Knightsbridge neighborhood of London, is priced at £525,000 ($850,000).

Hidden in a tiny back street close to Harrods, the double garage does not look special from the outside.

The garage on the little-known Rysbrack Street is painted black, but not that recently, and the brown brickwork around the garage has been blackened by dirt.

But it has just been put on the market with the highest price tag ever charged for a garage by the estate agency WA Ellis, which was founded in 1868.

Robert Lewis, an associate at W A Ellis, insists the garage is ‘exceptionally valuable’ because it is ‘very rare’ for a freehold garage in Knightsbridge to come up for sale.

The garage was put up for sale a week after a flat-roofed brick shed, in Highgate village, north London, went on the market for £259,950.

 
Source: This is Money 

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New York City parking spot goes for $1 million

The Most Expensive Blog (The home of the most expensive & luxury things in the world) presents New York City parking spot goes for $1 million.

 
The private garage located at 66 E. 11th Street in Manhattan, is the city’s first million dollar parking spot, according to the New York Post.

The garage is described to be 12 feet wide, 23 feet long and more than 15 feet high and even have the ability to be duplexed in order to accommodate an elevator.

The space is expected to go to one of the residents of the building, an eight-story prewar loft that is currently being converted into six luxury condominiums.

Source: propgoluxury

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Hong Kong is most expensive place to rent office space

The Most Expensive Blog (The home of the most expensive & luxury things in the world) presents Hong Kong is most expensive place to rent office space.

 
Hong Kong is now the most expensive place to take office space, according to the latest figures from Knight Frank.

Hong Kong’s prime office space, which includes the city’s bustling Central district, was renting for as much as a monthly HK$1,046 (US$135) per square meter last year, a growth of 28%.

By contrast, growth in London’s spiffy West End – formerly the world’s most expensive – slowed last year after a rapid 31% climb in 2010.

Driving the spike in rents is the huge demand by banks for branches in Hong Kong and in Asia’s leading financial centres.

Office rents in Beijing soared by 46% during the year to US$56.83 per square feet, becoming the world’s 19th most expensive location.

Source: propgoluxury

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The World’s Most Expensive Office Tower

The Most Expensive Blog (The home of the most expensive & luxury things in the world) presents The World’s Most Expensive Office Tower.

 
The price tag for One World Trade Center, the signature skyscraper under construction at Ground Zero in New York, has risen to more than $3.8 billion.

According to WSJ, the price tag for the building has shot up $700m from the latest public estimate, making it the world’s most expensive new office tower.

Once completed, the 1,776-foot tower will be the tallest in the U.S., but it won’t be the highest in the world.

In comparison, the developer of the world’s tallest tower, the Burj Khalifa in Dubai, said it cost $1.5 billion to construct.

Most of the cost overruns are due to the security measures being taken in the design of the building which sits on a site that has been bombed twice by terrorists.

Conde Nast has already signed a lease to move its headquarters to more than 1 million square feet at 1 World Trade Center!

Source: luxuo.com (Propgoluxury Via WSJ)

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The most expensive beach apartment in the world

The Most Expensive Blog (The home of the most expensive & luxury things in the world) presents The most expensive beach apartment in the world.

 
Originally listed for $27M in 2010, this penthouse just sold for $21.5 million and was owned by Netscape Founder Jim Clark.

The Miami Beach condo property is a 5803 square-foot, multi-story residence that sits at the top of The Setai, overlooking South Beach and the Atlantic Ocean.

The world-famous 40-storey Setai Resort is serviced by Singapore-based, five-star hotel management company GHM Hotels.

 
Sources: Dailymail – Propgoluxury 

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