Credits: www.edgerealty.ae
Luxhabitat Sotheby’s International Realty reports that in Dubai’s top real estate market, average prices increased by 11.29 percent in the third quarter of 2022 and sales volume increased by 1.11 percent, indicating continued market stabilization.
A total of 7,552 properties, comprising 6,940 flats, 316 villas, and 251 townhouses, were exchanged in the Dubai prime residential market in Q3 2022, according to Luxhabitat analysis based on data from the Dubai Land Department. This represents a quarterly increase of 7.06 percent. Jumeirah had the highest price per square foot at Dh10,942; Jumeira Bay was second at Dh5,305; and Palm Jumeirah was third at Dh3,018.
“Dubai’s real estate market is still expanding and getting stronger. Due to the recent market volatility in various countries, the number of foreign UHNWIs purchasing homes in the area has surged sharply. With the goal of encouraging people to relocate not only their primary residences but also their businesses and investment portfolios, these homes are opening doors of opportunity and boosting purchasing decisions based on the advantages of purchasing in Dubai. The results for the most recent quarter show that UHNWIs (ultra-high net worth individuals) have a healthy appetite for luxury properties, purchasing larger homes throughout the city, including newly added neighborhoods like Anabel, said Chris Whitehead, managing partner at Luxhabitat Sotheby’s International Realty.
Jumeirah, Za’abeel, and Business Bay experienced the most increases in sales volume, while Jumeirah, Jumeira Bay, and Palm Jumeirah had the highest costs per square foot, according to a Luxhabitat survey.
In the third quarter, sales of luxury homes increased by 4.75 percent to Dh16.7 billion.
With the introduction of new elite districts like Za’abeel with high-value transactions, investors exhibit a preference for apartments and larger buildings.
In locations like Jumeirah, MBR City, and Arabian Ranches, where built-up areas expanded by, respectively, 86.8% (3,043 sq ft), 16.9% (9,877 sq ft), and 9.1% (4,625 sq ft), over the previous quarter, investors, among other things, purchased larger residences.
The top three locations in terms of sales volume in the prime segment are still Downtown Dubai (Dh3.79 billion), Business Bay (Dh5.10 billion), and Palm Jumeirah (Dh5.10 billion) (Dh3.59 billion).
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