In The Same Quarter, the Volume in the Emirates Prime Residential Market Increased Somewhat.
In a world where expensive real estate is the norm, it is interesting to see how some Dubai Luxury Properties have been getting cheaper over time. The average cost of desired locations in Dubai fell by 6% during Q1 of 2022 with just an average price of Dh4.5 million average fees. This decline can probably be attributed partly to increased competition among players looking.
The Emirate’s premier residential market had 1 billion worth of new transactions during the first quarter, which is up by around 11%.
According to Luxhabitat Sotheby’s analysis based on statistics from either the Dubai Land Department. The Emirate’s premier residential market had a 1.03 percent increase in volume of Q1 2022. Compared to the previous quarter, totaling Dh 17.28 Billion.
In the first quarter of 2022, the Dubai premium residential market sold 5,258 flats and 742 villas.
Mohammed Bin Rashid City, Palm Jumeirah, and Downtown Dubai were the top three regions in terms of sales volume. With Dh 3.19 Billion, Dh 3.10 Billion, and Dh 2.6 Billion, respectively.
Jumeirah Islands area purchases more than double from Dh90 million to DH 201 million. In the main residential sector, followed by Mohammed Bin Rashid City & Al Barari.
“Due to the current market conditions, there has been an increase in involvement from continental European clients.” End buyers want to sign their names on shell & core villas.
“Second only to off-plan Luxury Property, which are reselling for the highest premiums recorded. With price labels of up to DH 6800 per sq. ft.” Chris Whitehead, managing partner of Luxhabitat Sotheby’s International Realty, stated this.
5 Top Premium Residential Areas Related To Sales Activity
The premier villa market saw a 32.31 percent increase in volume from the previous quarter, indicating increased villa acquisitions of Dh 6.1 Billion. The sales volume in the last quarter was Dh 4.1 Billion, with an average cost of Dh10.6 million for a villa. In Q1 2022, the average sale price for a villa is Dh9.6 Million.
Mohammed bin Rashid City, Palm Jumeirah, and Emirates Living were the most popular places for villa acquisitions in Q1 2022. The volume of apartment sales fell by 10% to Dh10.9 Billion. The average premier apartment currently costs around Dh2.4 million, with a DH 1431 price per square foot. Downtown Dubai, Business Bay, & Palm Jumeirah were popular places to buy apartments.
Mohammed bin Rashid City______3,197,029,066 AED
Palm Jumeirah______3,100,671,829 AED
Downtown Dubai______2,608,710,673 AED
Business Bay______2,327,138,692 AED
Emirates Living______1,182,562,944 AED
Top Ten Residential Transactions in the Q1 Of 2022
|S no||Name||Prices in AED||Sq. Ft.|
|1||Palm Jumeirah, The fronds, Frond N||280,000,000||33,000|
|2||Jumeirah Bay Island||88,200,000||16,014|
|3||Palm Jumeirah, The fronds,Frond J||87,000,000||13,476|
|4||Emirates Hills Villa –Sector L||75,000,000||32,932|
|5||Downtown, Burj Khalifa Apartment||73,000,000||20,979|
|6||Bussiness Bay,Dorchester Collection Dubai||68,900,000||17,712|
|7||Palm Jumeirah,The Royal Atlantis||62,920,000||7,115|
|8||Emirates Hills Villa –Sector E||62,000,000||25,775|
|9||Emirates Hills Villa –Sector P||61,000,000||34,621|
|10||Palm Jumeirah, The Crescent||60,000,000||56,379|
April 2022, according to LUXHABITAT Sotheby’s x Property Monitor Analysis