Prices of prime Dubai properties: Most expensive residential areas revealed

Dubai’s prime property market saw an increase in average prices by 11.29 per cent with a sales volume growth of 1.11 per cent quarter-on-quarter basis in the third quarter of 2022 to Dh21.9 billion, reflecting a continued market stabilisation, according to Luxhabitat Sotheby’s International Realty.

Reflecting a quarterly increase of 7.06 per cent, a total of 7,552 properties were transacted in Q3 2022 in the Dubai prime residential market, including 6,940 apartments, 316 villas, and 251 townhouses, according to analysis by Luxhabitat based on data from the Dubai Land Department. Prices per square feet were highest in Jumeirah (Dh10, 942/sq ft) followed by Jumeira Bay (Dh5,305/sqft) and Palm Jumeirah (Dh3,018/sqft).

“Dubai’s real estate sector continues to grow from strength to strength. Over the last twelve months, market volatility in several nations has led to an increased spike in international UHNWIs home buying within the region. These homes are creating opportunity gateways and promoting buying decisions based on the benefits of purchasing within Dubai with an outcome for such individuals to relocate not only their primary homes but businesses and investment portfolios. This quarter’s results demonstrate that UHNWIs (ultra-high net worth individuals) have a healthy appetite for luxury properties, buying larger homes across the city including new neighborhoods such as Anabel added to the mix,” said Chris Whitehead, managing partner at Luxhabitat Sotheby’s International Realty.

Prices per square foot were highest in Jumeirah followed by Jumeira Bay and Palm Jumeirah while the highest sales volume increase was observed in Jumeirah, Za’abeel and Business Bay, Luxhabitat said in a report.

Sales volume of prime apartments increased in Q3 by 4.75 per cent to Dh16.7 billion.

“Investors show a preference for apartments and larger properties with the emergence of new prime neighbourhoods such as Za’abeel with high-value sales.”

Among other insights, neighborhoods such as Jumeirah, MBR City and Arabian Ranches saw investors purchasing residences with larger spaces, with an increase of 86.8 per cent (3,043sqft), 16.9 per cent (9,877sqft) & 9.1 per cent (4,625sqft), respectively, in built-up area over last quarter.

The top three areas in terms of sales volume in the prime segment remain unchanged compared to last quarter, with Palm Jumeirah (Dh5.10 billion), Business Bay (Dh3.79 billion) and Downtown Dubai (Dh3.59 billion) proving the most favored locations for prime property buyers.

– issacjohn@khaleejtimes.com