Will price of the Lumia 920 greatly influence Nokia's chance of dominating the market against Apple's iPhone 5 and Samsung's Galaxy S3?

Many say yes.

Prices for Nokia's Windows 8 flagship phone have been revealed.

According to PhonesReview, "The price for the unlocked iPhone 5 with no contract in the UK begins at £529 for the 16GB model and increases to £599 for the 32GB variant, according to ZDNet. The Nokia Lumia 920 is only available as a 32GB storage model and some price leaks from the European market reveal very promising news. Although Nokia Germany previously announced the Lumia 920 price at around €649 it seems that Nokia in Italy is to price the Lumia 920 at €599 (£475). That is of course around £125 less than the equivalent 32GB model of the iPhone 5 and that's quite a difference!"

According to Wired, Europe got numbers on Thursday.

"The unsubsidized cost of the higher-end Lumia 920 is around $800 U.S. - based on Thursday's exchange rate, and prices vary slightly between European countries. That's more than the current unsubsidized market price of competing Android phones like the Samsung Galaxy S III, and price-wise, puts the Lumia 920 close to the Apple's new iPhone 5. The middle-tier Lumia 820 is around $650 unsubsidized."

Prices should come down when the phones hit the U.S. market. Apple and Samsung phones are around the $200 mark, so Nokia has a lot of pressure to lead in the smartphone market.

"If Microsoft and Nokia want to see significant adoption, they must simply make the devices cheaper," says Random Salad Games, co-founder and Windows Phone developer Jake Poznanski.

Poznanski says he "suspects that Microsoft and Nokia will ensure a post-subsidy cost exactly on par with the iPhone 5 and Galaxy S III, and we will continue to see a slow but steady growth of Windows Phone."

"There are two types of buyers: One that buys on price and one that buys on brand," Queens University business professor John Pliniussen told Wired. He said buyers will either come in with a budget and look for certain functionality or fall back on brand alliance and buy a familiar phone, like the iPhone, for a premium price, according to Wired.

Pliniuseen asked the key questions: "But why buy a 920? What is the lipstick on this that justifies [the price]? The case isn't prettier. It doesn't purr. I don't see it. That's why it won't work," he said.

"Windows Phone 8 has the same functionality. That won't work. No one cares. You have to have something that kills Apple or Android. This doesn't kill it, this is just different," Pliniussen said.

According to Reuters, Nokia has priced the Lumia 920 more than 10 percent higher than the Galaxy S3 in Sweden and Italy.

In Sweden, the Lumia 920 will sell for around 5,700 Swedish crowns ($860) compared to 4,515 crowns for the Galaxy S3. In Italy, the Lumia 920 sells for 599 euros ($770) compared to 530 euros for the Galaxy S3.

"Hardware-wise they are pretty similar, it would be hard for Nokia to justify that extra cost to consumers," said Ovum analyst Nick Dillon. "Windows Phone is still largely an unknown to consumers - they would probably expect to pay less if they are taking a risk."

Nokia looks like it has a step up against Apple's iPhone 5.

Many iPhone 5 users are complaining about the new Apple maps app, since Apple took away Google maps. Nokia took a jab at Apple recently:

"We understand that 'pretty' isn't enough. You expect excellence in your smartphone mapping experience," Nokia's Adam Fraser wrote in a blog, according to GamenGuide. "We believe that the best user experience comes indeed from precise data, robust processing of core platform functionalities like routing, geocoding and traffic, and by user-friendly apps. All this cannot be built overnight."

According to a recent Books & Review poll, the Lumia 920 dominated against the iPhone 5.

In terms of release date, for AT&T reports say it will be Oct. 21. Numerous tech sites, including BGR and GforGames, and WPCentral and its sources also re-confirmed the Oct. 21 launch date.

According to GforGames, the latest rumors are that the release date for Verizon is sometime in November.

"According to Phone Arena's sources, Nokia's flagship phone will hit the US market via Big Red sometime in November, the same timeslot in which the Samsung Ativ S is also expected to make an appearance in Verizon's stores," GforGames reported.

The Lumia 920 runs on Microsoft Windows Phone 8. It takes many of the physical design elements from previous generations of Lumia handsets, but improves on internal hardware and display technology. Some of the new tech specs include PureMotion HD+ 4.5 inch display (1280 x 768 resolution), Dual-core 1.5GHz Snapdragon S4 processor, NFC chip, 2,000mAh battery, and Qi wireless charging. Nokia is touting the Lumia 920′s premier feature as its new camera lens, the Carl Zeiss lens. It has rounded edges and colorful covers with a PureView camera.

Would you be interested in paying more money for the Lumia 920 than the Galaxy S3 and iPhone 5? Sound off below!

Related Articles

Nokia Lumia 920 Release Date, Price: Pre-Orders Available in UK, Lumia 920 Wins Specs Showdown vs iPhone 5

Nokia Lumia 920 Release Date, Specs: Verizon to Launch Windows 8 Phone on Nov. 2, AT&T on Oct. 21?

Galaxy Note 2 Release Date: Samsung to Launch Oct. 24; Along with Lumia 920 Release, Both Could Crush iPhone 5