As The Supply Of Ready-To-Move-In Dh100m Homes For Sale Decreases, Dubai Developers Surge In With More
Will Dubai’s next DH200 million transaction take place this summer? Or, maybe even get a mega-sized one in DH350 million? According to sources in the Dubai real estate market, there will not be any slowdown in the high-stakes sales of ultra-luxury homes over the next weeks. The only comparatively quiet periods in the Dubai real estate market since Covid have been the first two weeks of Ramadan and the latter two weeks of December.
A developer claims, “By year’s end, the majority of the remaining easily accessible stock of Dh100 million dwellings too will be purchased.” Because of this, developers are now making these types of off-plan releases.
Alpago Properties, which said it is developing a small number of villas with values ranging from Dh120 million to Dh300 million, may have been considering something along these lines. Clearly, Dubai’s developers are increasing the bar from Dh100 million-plus, the desired threshold for luxury homes.
In addition, one transaction, at Dh280 million, was the one that raised the bar. It was enough to make that one transaction for the home on the Palm.
An estate agent remarked, “It was the adrenaline injection that developers/sellers wanted – from thinking of Dh100 million house sales, they were moving right to dreaming about $100 million.” “Luxury space won’t be relegated to fantasies for very long, the way Dubai is shaping up.”