According To Dubai Property Viewpoints, The Market Is Seeing An Influx Of Ukrainian And Russian Purchasers.
The luxury home market in Dubai is thriving, with demand from international investors driving prices up and intensity higher. The real estate consultancy Zoom Property Insights reported that there have been 4083 deals. So far this year alone- an increase of 30% over the last period! In January 2022 alone, address books were busiest at 35%. Reflecting increased interest among potential buyers who want into these high-end properties.Before they go onto auctions or similar sale mechanisms later on down the road.
“An infusion of international investors will assist the market. As there’s a sudden rise in demand from Ukrainian and Russian buyers,” said Ata Shobeiry, CEO of Zoom Property.
Moreover, visa changes, expat-friendly rules, and high-profit potentials attract and retain investors from around the world. Making Dubai Home a viable market for property investment,” Shobeiry said. “In 2022, the luxury property market will continue to grow, with more premium buildings and projects on the horizon. As a result, wealthy international investors will become increasingly interested in the sector.
Luxury Residences Are In High Demand
Despite the pandemic concerns, the luxury home market saw increased activity in 2021. With a 40% increase in pricing compared to the previous year. In 2021, 93 properties over $10 million or more sold, setting a new high. Average residential values increased by 9.2%, with villas increasing by 21.2 percent.
The Top Five Luxury Flats Sold In The First Quarter Of 2022
During the Q1 of 2022, the most expensive apartment in Burj Khalifa Zone 4, Downtown Dubai, was sold for Dh 73M. Then there is a Business Bay condominium in Dubai’s Dorchester Collection. Dh 69M was paid for the ultra- Luxury House.
Next, a high-end apartment at The Royal Atlantis Resort & Residences on The Palm Jumeirah sold for Dh 6M. Luxury apartments at The Palm Jumeirah’s W Residences Dubai and Serenia Residences Building B also sold. Just for Dh 57M and Dh 50M, accordingly.
The Top Five Luxury Villas That Have Been Sold
During the first quarter of this year, Palm Jumeirah sold a most expensive villa, at Dh 87 Million. On Island 2, another villa worth Dh30 Million sold. Premium villas sold for Dh29 Million, Dh22 Million, and Dh10 million in Dubai Hills Estate. Nad Al Sheba Third, and Al Hebiah Fourth, respectively followed it.
Belleview Real Estate announced on Thursday that it has sold a Palm Jumeirah home for a record-breaking Dh 280 Million. Since 2015, the previous lengthy record of Dh185 Million had remained unbroken.
Profits That Are Higher
Many buyers of luxury Home in Dubai are postponing their intentions to sell properties in order to reap bigger profits. As prices are likely to rise even further. Palm Jumeirah, Dubai Hills, Jumeirah Bay, and District 1, in particular, are expected to see annual price increases of 10 to 15%. As according to real estate Insights, a record increase in the sale of Dh 100 million-plus luxury House in Dubai is expected.