Is Dubai property overvalued compared with other global cities?

By price-per-square-foot, Dubai still looks cheaper than London, New York, Hong Kong and Singapore - prime Dubai runs roughly AED 2,900-3,825/sqft versus multiples of that in prime London. It also offers higher gross yields (about 5-9% versus 2-4%) and no income tax on rent. That said, Dubai has converged toward markets like Tokyo and Lisbon, so it is no longer a deep bargain.