New Listings Raise the Stakes with Dh300m and Dh350m Asking Prices
With Dubai Luxury Property, costing DH 300 Million and more setting new standards. The stakes and prices have increased for ultra-luxury homes in Dubai. Alpago Properties said it would be constructing six villas on the Palm’s “Billionaire Row” with prices ranging from Dh120 million to DH 300 Million.
At DH 300 Million, it does not end. A brand-new villa that FAM Properties have listed on Jumeira Bay Island for an outrageous DH 350 Million has raised the bar significantly. Is Dubai’s freehold real estate market prepared to compete with properties priced at $100 million? The DH 280 million purchase of a mansion on the Palm is the largest deal completed to date. The new collection of residences is aiming for this record.
Investors and Developers have increased activity in the off-plan real estate market. Since March as investors that are more affluent rush to buy Dubai Luxury Property. According to market sources, there are still a lot of potential buyers from Russia and the CIS looking around for the ideal neighborhoods & homes (ready and off-plan). In addition, these searches could lead to agreements being reached in the coming days or weeks.
There are several deals that are about to be signed. Therefore, it appears that Dubai’s real estate market is not getting a summer break. According to an estate agent who specializes in opulent residences. “These are cash-only transactions, and the final ten days of June may see further transactions.”
Proper Price Ranges
According to Firas Al Msaddi, persistent demand is the reason asking prices are increasing and approaching DH 300 Million and higher. How the UAE handled the epidemic, particularly after the lockdown, has a significant impact on investor interest in the country. The reforms regarding residence have only increased buyer interest. After that, the war in Ukraine sparked a new, more intense round of buying.
Prior to the pandemic, the ultra-luxury property market in Dubai was significantly underpriced, according to Al Msaddi. “In those days, when Dubai had the coronavirus under control before any other nation in the globe, only the ultra-rich could fly and move around. It was the turning point in the Dubai real estate market. When opportunity and preparation collide, that is luck. Dubai was ready for anything.
Off-plan debuts are happening often; just now, DAMAC is launching two twin-tower projects in Safa. Safa Two, the most recent one, adds eco-friendly and adventurous components to its brick, glass, & mortar facade. The race is on to pique the interest of international investors.
Numerous Green Covers for Damac’s Safa 2
The growing flow of investor money into risk-free assets is not limited to Dubai’s real estate sector. With studios, starting at just under Dh1 million, Aldar in Abu Dhabi unveiled its newest Saadiyat Island property. Undoubtedly, even studios are becoming more opulent. In addition, there is the fantastic location close to Abu Dhabi’s cultural landmarks like the Louvre & Guggenheim.
Studios in Aldar’s most recent Saadiyat Island launch start at DH 900000 and up. A good location in Abu Dhabi’s cultural district is very important. Only villas & townhouses are permitted in Arada’s forest-themed “Masaar” community in Sharjah, along with plenty of greenery. The element of exclusivity works well with meticulous investors.
This style is not just found in ultra-luxury projects. Danube Properties & Samana Developers have started developments in the more inexpensive area that go beyond the typical swimming pool. Several units that have access to their own pool, and other developers ought to soon adopt this strategy as well. Whether it is a Dh1 million condominium or a beachfront home for close to $100 million. Investors will discover that all possibilities are being covered in Dubai’s real estate market.