The average price of ultra-luxury homes in Dubai rose by more than 27 per cent in the first quarter of the year compared with the previous quarter, as demand for prime property continued to pick up in the emirate amid a broader economic recovery.
The average price of a prime property in the emirate increased to Dh25.2 million ($6.86 million), with the total transactions in the segment reaching Dh14.7 billion during the three-month period, according to a report by Luxhabitat Sotheby’s, based on data from the Dubai Land Department.
The average price per square foot of a prime property rose 21 per cent to Dh3,373.
Jumeira Bay recorded the highest quarterly growth in sales volume of 220 per cent at Dh2.05 billion, followed by Al Barari with about 168 per cent sales growth at Dh926 million and Downtown Dubai with a 49 per cent sales increase amounting to Dh3.4 billion.
“Moving into the second quarter we see a continuation of high-volume residential transactions within the super prime luxury segment," Chris Whitehead, managing partner at Luxhabitat Sotheby’s International Realty, said.
"This continuity is primarily fuelled by the current lifestyle and wealth shifts being witnessed from incoming European buyers and a recent increased trend from institutional investors moving back into bricks and mortar asset classes," he said.
Prime turnkey properties continue to be in low supply, boosting demand, he added.
The latest data comes as the UAE's property market continues to boom after recovering from the coronavirus pandemic-induced slowdown on the back of government initiatives and a broader economic recovery.
Dubai has been ranked as the world’s fourth-most active market in the luxury residential segment, as sales of prime properties continued to pick up, Knight Frank said last month.
Last year, the emirate recorded the sale of 219 homes priced above $10 million, with the total value of the transactions reaching $3.8 billion. That ranks Dubai behind New York (244 sales), Los Angeles (225 sales) and London (223 sales).
In the first quarter of 2023, Dubai's luxury home sales hit Dh6 billion, with wealthy buyers snapping up 88 units valued at more than $10 million, Knight Frank said in another report last week.
The average price of a prime property in the first quarter, according to Luxhabitat Sotheby, was the highest in Jumeira Bay at Dh10,594 per square foot, despite only 22 units in the area being sold during the period.
Apartments in Jumeira Bay were sold on average at Dh91.2 million, with the most expensive ones being located at Bulgari Lighthouse and Bulgari Resorts and Residences.
Four out of the top 10 most expensive transactions during the quarter were recorded in Jumeira Bay.
The price per square foot was second-highest in The Palm Jumeirah at Dh3,106, followed by Emirates Hills at Dh2,396.
In the luxury apartments segment, 1,584 units sold for Dh9.8 billion during the first three months of the year, accounting for 66 per cent of the overall prime market, the report said.
The top three areas for the segment were The Palm Jumeirah with Dh3.7 billion, Downtown Dubai with Dh3.4 billion and Jumeira Bay with Dh1.8 billion of sales.
The average cost of a prime apartment rose about 35 per cent quarter on quarter to Dh28.4 million. Off-plan sales accounted for 70 per cent of all apartments sold in the first quarter, Luxhabitat Sotheby’s said.
Meanwhile, 294 prime villas sold for Dh5.6 billion in the first quarter, with The Palm Jumeirah, Dubai Hills Estate and Al Barari emerging as the top three areas for the segment.
The average cost of a prime villa in the first quarter rose 37 per cent quarter on quarter to Dh36.8 million, the report found.
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He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
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- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
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- Bagpat, India
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Selling a stock today in the belief its price will fall in the future
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Traders forced to buy a stock they are shorting
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An illegal practice
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
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Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
