"Dear" and "expensive" are English equivalents of the Spanish word cara. Context makes clear whether the feminine singular adjective references someone or something beloved (case 1) or costly (example 2). The pronunciation will be "KA-ra" in Spanish.
The word "cara" can also mean "face".
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It means "my face". Generally speaking, when you talk about a body part, it is usually referred to in the third person. For example, in English we say "I wash my hands". In Spanish, you would normally say "Lavo las manos", or "I wash the hands."