Dubai: Dubai’s luxury home market
will continue to see high demand in 2022, supported by rising interest from
international investors, according to Zoom Property Insights.
The real estate consultancy said the
post-Expo landscape looks “bright” for the emirate’s luxury home market.
Transactions are up 30 per cent on a year-on-year basis, with 4,083 deals being
recorded in January 2022 alone. The average property prices (per square foot)
also witnessed an increase of 35.1 per cent during the month.
“The market, on the whole, will
benefit from an influx of overseas investors as there’s an increase in demand
from Ukrainian and Russian buyers as well,” Ata Shobeiry, CEO at Zoom Property,
said in a statement.
“Moreover, visa reforms,
expatriate-friendly policies, and high profit earning potentials continue to
attract investors from across the globe, making Dubai a lucrative market for
real estate investment,” Shobeiry said. “The luxury property market will retain
its upwards trajectory in 2022 with more upscale buildings and projects on the
rise. Consequently, wealthy foreign investors will show more interest in the
sector.”
The
year 2021 saw an increased activity in the luxury housing sector as it recorded
a 40 per cent surge in prices compared to the preceding year despite the
pandemic challenges. A record total of 93 homes worth $10 million or higher
were sold in 2021 as average residential values climbed 9.2 per cent, with
villas showing a major jump of 21.2 per cent.
Top 5 luxury apartments sold in
Q1, 2022
The most expensive apartment was
sold in Burj Khalifa Zone 4, Downtown Dubai, for Dh73 million during the first
quarter of 2022. It was followed by an apartment in Dorchester Collection Dubai
located in Business Bay. The ultra-prime apartment was sold for Dh69 million.
Next, The Royal Atlantis Resort and
Residences in The Palm Jumeirah sold a high-end apartment for Dh63 million.
Luxury apartments in W Residences Dubai and Serenia Residences Building B, both
located in The Palm Jumeirah, were sold for Dh57 million and Dh50 million,
respectively.
Top 5 luxury villas sold
Palm Jumeirah sold the most
expensive villa worth Dh87 million during the first quarter this year. Another
villa valued at Dh30 million was sold in Island 2. It was followed by luxury
villas in Dubai Hills Estate, Nad Al Sheba Third, and Al Hebiah Fourth, sold
for Dh29 million, Dh22 million, and Dh10 million, respectively.
On Thursday, real estate agency
Belleview Real Estate said it sold a Palm Jumeirah villa for a record-breaking price of Dh280
million. The previous long-standing record – of Dh185m - had been
unbeaten since 2015.
Higher profits
In a bid to earn higher profits,
many owners of luxury homes in Dubai are delaying their plans of selling
properties as prices are expected to increase even more. Particularly areas
such as Palm Jumeirah, Jumeirah Bay, District 1, and Dubai Hills are projected
to see a 10 to 15 per cent jump in annual price gains.
According to Zoom Property Insights,
there’s a strong prediction of a record increase in the sales of Dh 100
million-plus luxury homes in Dubai.
Ahmed Shaikhani Group Managing
Director of Shaikhani Group says As the pandemic situation is that the most
incredibly terrible inside the whole world, things are really difficult to
illustrated considering the way that during the current situation we've to be
incredibly careful avoiding any unnecessary risk to shape sure to not put
work's life in danger since this work needs gigantic heaps of work and
appreciation to pandemic we've to manage the 6-foot opening, so what we've
given our work first class stuff to approach sure work doesn't deal and clients
will get their lofts on time extremely 1000 units handover inside the exercises
of Cambridge business center, champions tower 1 and Frankfurt sports tower
which is worth of 700 million dirham around 600 units are to be done soon
inside one year in Champions tower 3, Gardenia 1 and a few generally regard 300
Million dirham will be convey
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