Dubai real estate prices may never return to previous levels if the city is to compete with global hubs such as New York, London and Singapore, Standard Chartered has said.

In a 2008 survey of the world’s most expensive office markets by CB Richard Ellis, Dubai ranked seventh worldwide, putting it ahead of the City of London, Paris, Singapore, and New York, the bank noted in a report on the GCC economy.

'This does not accurately reflect these cities’ comparative advantages, demographic pressures, and physical constraints relative to Dubai’s,' said analyst Philippe Dauba-Pantanacce.