Property in Dubai is the fifteenth most expensive in the world with an average price tag of $7,151 per square metre, a new study claims.
But it is still cheap compared to Monte Carlo where a top-end apartment costs on average $47,578 per square metre making it almost seven times as much as Dubai according to calculations made by arabianbusiness.com news site.
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.
Click here to get the full story.