Dubai, New York and London are three of the biggest property markets in the world, each synonymous with wealth and prestige – and each averaging property prices well above $500,000.
Property prices in all three of these global locations regularly reach into the millions, with each location boasting its own robust prime property market. So what can $5 million get you in each of these iconic cities? Whether you happen to be an end user or someone who is looking to add to their property portfolio, this comparative analysis will inform you on how far $5 million will go in each city.
New York City
Long regarded as the ultimate symbol of style and success, owning property in the Big Apple has, for decades, been associated with families such as The Rockefellers, The Carnegies and other titans of industry who have long called the city home.
New York regularly features in lists of the top 10 most expensive states to buy property in, and as of Q1 of 2025, the average sale price in The Empire State stands at $571,000. That also means that New York is one of the more expensive cities in the USA, so what exactly can you get for $5,000,000?
This impeccably maintained three-bed penthouse, set on a picturesque tree-lined block on the Upper West Side of Manhattan and brought to market exclusively by Sotheby’s International Realty, features expansive wraparound terraces, as well as panoramic city and park views. Oversized windows flood the space with natural light, whilst two separate terrace entrances add to the appeal of this elegant pre-war residence, which spans three floors – each offering a private living area.
With modern appliances throughout, the two wood-burning fireplaces are a warm addition to the property. The primary suite, commanding an entire floor, comes with a double-door terrace entrance, as well as double-height windows and a vast master closet. Pet friendly and with a team of accommodating 24-hour concierge staff, the property also benefits from being just seconds from Central Park. The wider Upper West Side area also houses a wide range of Michelin-starred restaurants such as the exceptional Essential by Christophe, as well as the sublime Jean-Georges, meaning this elegant property is just about the pinnacle of what $5 million buys you in New York City.
London
The capital of England and a global financial, political and cultural hub, London is unique in the sense that it represents the most expensive city in Europe to buy real estate in. Driven by its global status and long-standing economic resilience, London’s real estate market remains an attractive investment opportunity. Limited housing supply in prime areas, strong demand from international buyers, and a transparent legal system all add to its appeal – despite periodic political and economic fluctuations.
So what can one expect to acquire for $5 million in the city? With an average property price of $756,627, the market offers elegant prestige where some of its competitors may not. This delightfully presented property in W12 – which encompasses the area around White City – represents an ideal location: close enough to the city to benefit from excellent connectivity, but far enough out to profit from that highly sought-after community feel. At $4,990,684, the house is spread across 3,293 sq.ft. and features five bedrooms along with three full bathrooms.
Architecturally designed and unfolding across two floors, this stunning family home is designed with modern living in mind. Generous lateral spaces are complemented by contemporary finishes, whilst the home also features a direct connection to the outdoors through its floor-to-ceiling windows and courtyard-style garden.
With towering ceilings touching almost 7 metres, the skylight adds an abundance of natural light to the property, whilst the working fireplace adds a cordial touch. The open-plan layout, as well as the roof terrace – accessible from the two first-floor bedrooms – thoroughly maximise the space.
With Ravenscourt Park and Cathnor Park just a short walk away, as well as excellent local schools and a tube station less than a kilometre away, this West London property constitutes fine value. The property also benefits from an abundance of local restaurants, with Michelin-starred Endo at the Rotunda a particular highlight.
Dubai
The property market in the UAE continues to grow, offering strong performance, particularly in the luxury segment. Considered an ordinary destination just a few decades ago, the city has experienced exponential growth since the beginning of the century, with property sales worth almost AED 300 billion ($81B) in 2021.
When compared with New York and London, Dubai – a much younger market – represents a real opportunity for investors, or those looking to maximise capital appreciation. Attractive tax laws, high rental yields, good ROIs and a stable property market and political system all combine to make Dubai one of the most appealing places to buy property in 2025. So what does $5 million look like in the iconic UAE city?
This serene five-bedroom villa in Tilal Al Ghaf, currently marketed exclusively by Sotheby’s International Realty and worth AED 18,150,000 (roughly $5 million), offers luxury living on the shores of Lagoon Al Ghaf. Architectural elegance abounds in this 7,334 sq.ft. property, with a double-height entrance imposing itself on a spacious, open-plan living area.
Natural light floods through floor-to-ceiling windows, whilst dual kitchens fitted with modern high-end Miele appliances give way to a garden providing the property with a secluded sanctuary complete with a detached Zen pavilion. Generously sized bedrooms, complete with en suites and built-in wardrobes, accompany a charming rooftop terrace accessed by a private lift.
Tilal Al Ghaf is centred on the tranquil Lagoon Al Ghaf, offering a plethora of water-based activities. It also features beautiful parks and open green spaces, as well as a community centre with dining and boutique retail options. Residents can also avail of amenities in neighbouring areas, including three top-class golf courses – Trump International, among others – as well as a host of international schools such as GEMS. The area also benefits from excellent road links and is just a short drive from DAMAC Hills Mall, while also providing residents with a host of restaurants such as the excellent Tap & Grill on nearby Jumeirah Golf Estates.
Fundamentally, each city has its advantages. Whilst New York and London offer an older, more established cultural hub alongside iconic architecture, Dubai has the advantage of attractive financial incentives such as zero property tax and high rental yields in slightly more modern surroundings. Whether you value the prestige that comes along with owning property in New York or London’s prime neighbourhoods, or in Dubai’s more spacious residences, is ultimately your call.
