The prime residential market in Dubai beat the overall residential market by nearly doubling the volume of sales from Q4 in 2015. This quarter, the prime residential market completed Dh3.2 billion in sales compared to Dh1.6 billion in Q4 2015.
Communities considered as prime residences include Emirates Hills, Palm Jumeirah, Downtown Dubai, Dubai Marina, Jumeirah Islands, Meadows, Lakes, Victory Heights, Business Bay, Jumeirah Lakes Towers and Arabian Ranches.
The overall residential market on the contrary showed a decline in sales from the previous quarter, revealing a 16 per cent drop in total value of sales from Dh6.9 billion to Dh5.8 billion.
The increase in prime residential market sales can be atttributed to a slight decline in price points (in Dh/sqft) over the last quarter by one per cent compared to the overall residential market which declined by two per cent from the last quarter.
Content Courtesy : khaleejtimes.com