A comparison of the property prices for the rent and sale of a 2-bedroom apartment in Beirut versus Dubai
Beirut, Lebanon: Beirut and Dubai are two of the Middle East’s most dazzling and renowned cities. They are similar in many regards, with Beirut being home to more than 2 million people, while Dubai’s booming population reached around 2.7 million people in a short period of time. Both cities are also famous for their beautiful beaches and attract thousands to millions of visitors every year.
Throughout 2016, OLX Lebanon, the leading property platform in Lebanon, conducted a study that compares Beirut and Dubai’s prominent property markets. The comparative review highlights the property prices for the rent and sale of a 2-bedroom apartment in Beirut versus Dubai, taking into consideration upmarket communities in both cities.
Comparative Rental Property Highlight
City comparison: In Dubai, the average median rent for a 2-bedroom apartment per month for a property in a prime district costs around $3,158. While in Beirut, renting a 2-bedroom apartment would require a budget of $1,253 a month.
Comparative Property for Sale Highlight
City comparison: The median price for a 2-bedroom apartment in Dubai is $643,656, which is triple the price of a 2-bedroom apartment in Beirut, which costs $216,000.
Recap on City Comparison
2-bedroom apartment in Achrafieh: Rent/month Price is $1253
2-bedroom apartment in Dubai: Rent/month Price is $3158
2-bedroom apartment in Beirut: Median Sale Price $216,000
2-bedroom apartment in Dubai’s Prime Communities: Median Sale Price $643,656
Although renting or buying an apartment in Dubai may seem more costly than in Beirut, there are other factors, besides the apartment’s price, that control a person’s decision. Utility fees for mobile bills, internet and cable services, in addition to electricity and water, as well as maintenance cost and generator monthly expenses should all be taken into consideration prior to signing the agreement.
Whilst the cost of living in Beirut (61.65) is about the same as Dubai’s (67.98), the local purchasing power in Dubai is 218% (116.77) higher than that of Beirut (53.61). This shows that current real estate prices in Lebanon are considered elevated when paralleled to the purchasing power of the real estate sector’s target audience.
When it comes to buying, and selling apartments, OLX Property has proved to be a trust-worthy, free, commission-free and easy method for users to find a property. OLX Lebanon witnessed a 22% growth in number of listings in the first 3 months of 2017 compared to the last three months of 2016. The property section received an average of 6 million visits throughout 2016. It is also worth mentioning that each user visited the OLX Property 3 times per month in 2016.In other words,17% of the total listings across all the sections on OLX Lebanon are within OLX Property.
Whether people are looking for a new home or a fresh start, OLX Property provides unlimited choices and enables them to compare prices in order find the most appropriate deal.
OLX is the world’s leading classifieds platform in growth markets and is available in more than 45 countries and over 50 languages. OLX connects local people to buy, sell or exchange used goods and services by making it fast, easy and free for anyone to post a listing through their mobile phone or on the web. Every month, hundreds of millions of people in local markets around the world are already using OLX’s online marketplace to find and sell a wide range of products, including furniture, musical instruments, sporting goods, cars, kids and baby items, motorcycles, cameras, mobile phones, property and much more. OLX operates in fast-growing markets around the globe, where OLX helps people improve their lives through smart person-to-person trade. OLX Arabia is actively expanding in the MENA region in Bahrain, Egypt, Kuwait, Lebanon, Oman, Qatar and Saudi Arabia. OLX employs more than 1,200 committed employees worldwide located in places like Bangkok, Buenos Aires, Cape Town, Delhi, Jakarta, Lagos, Lisbon, Manila, Nairobi, Poznan, Rio de Janeiro and São Paulo.