Dubai on course to outstrip pricey London’s record for building apartments | Arab News:
"Dubai is on course to absorb more new apartments than London over the next two years, as luxury “ghost towers” threaten to haunt developers in both cities, analysts say. Brokers warn that the pair are developing luxury units far beyond the reach of average earners. In London, the average home costs more than £470,000 ($663,000), which is 12 times more than the average salary of just over £39,000 ($55,000). In Dubai, the average annual income is 72,000 dirhams ($19,600), according to property consultancy Phidar Advisory, whereas average apartment prices in the city are just over 2 million dirhams (nearly $550,000)."
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