Prices of Luxury Real Estate in Dubai: The Fanciest Residential Areas Are Revealed

Luxury Real Estate in Dubai

The Emirate’s Prime Residential Market Saw 7,552 Transactions in Q3 2022, Including 316 Villas, 6940 Apartments, and 251 Townhouses.

According to Luxhabitat Sotheby’s International Realty, Dubai‘s prime property market saw a rise in average prices of 11.29%. Moreover, sales volume growth of 1.11% quarter-over-quarter in the q3 of 2022 to Dh21.9 billion, highlighting a continued market stabilization.

In the Dubai prime residential market, 7,552 properties were sold in Q3 2022, representing a quarterly rise of 7.0%. Including 316 villas, 251 townhouses, and 6,940 apartments, As per Luxhabitat analysis from the Dubai Land Department. Jumeirah had the highest prices per sq. ft. at Dh10942/sq. ft. followed by Jumeira Bay at Dh5305/ sq. ft. and Palm Jumeirah at Dh3018/sq. ft.

The real estate market in Dubai keeps getting stronger and stronger. Due to the recent market volatility, the number of foreign UHNWIs purchasing homes in the area has increased sharply. With the goal of encouraging people to relocate not only from their primary residences. Also their businesses and investment portfolios, these homes are opening doors of opportunity. Moreover, promoting purchasing decisions based on the advantages of purchasing in Dubai.

According to Luxhabitat Sotheby’s International Realty, this quarter’s results show that UHNWIs (ultra-high net worth individuals) have a good appetite for luxury properties. In addition, are purchasing larger homes throughout the city, including new neighborhoods like Anabel.

According to a report by Luxhabitat, Jumeirah, Za’abeel, and Business Bay saw the highest increases in sales volume. While Jumeirah, Jumeira Bay, and Palm Jumeirah had the highest prices per square foot. Sales of luxury apartments increased by 4.75 % to Dh16.7 billion in the third quarter. With the emergence of new elite neighborhoods like Za’abeel with high-value sales, investors exhibit a priority for apartments and larger properties.

Among other observations, neighborhoods like MBR City, Jumeirah, and Arabian Ranches saw investors buying homes with larger spaces. With increases in the built-up area of 86.8% (3,043 sq ft), 16.9% (9,877 sq. ft.), and 9.1% (4,625 sq. ft.) over the previous quarter, respectively.

The top three locations in terms of sales volume in the prime segment are the same as they were in the previous quarter: Business Bay (Dh3.79 billion), Palm Jumeirah (Dh5.10 billion), and Downtown Dubai (Dh3.59 billion).

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