Highlights include:

  • New projects like Bluewaters Island and Dubai Harbour also figure on the radar of apartment buyers
  • Dubai Hills Estate has fared well across all price points and has been a popular community for both investors and end-users
  • Villa buyers opt for traditional favourites like Umm Suqeim, Al Barari and Polo Homes in Arabian Ranches

Dubai: Established areas in Dubai still rank high on the radar of luxury property buyers. Although the sale of a AED 90 million villa at District One in Mohammed Bin Rashid City is the costliest house purchase in Dubai so far this year, a closer look at property transactions valued over AED 10 million shows that older areas still dominate sales in this segment.

According to statistics from Data Finder, the real estate data and insights platform under Property Finder Group, old investor favourites Downtown Dubai and Palm Jumeirah lead in terms of volume of apartment transactions valued above AED 10 million from January until October 2019.

Emaar’s under-construction Il Primo project in Opera District accounted for 18 of the total 34 luxury apartment transactions in Downtown Dubai. 

On the Palm Jumeirah, the Royal Atlantis Resort & Residences made up 13 of the total 31 luxury apartment transactions in the first 10 months of the year. The Alef Residences on the Palm Jumeirah also accounted for eight apartment transactions above AED 10 million. A lone penthouse that sold for a staggering AED 74 million in The One at Palm Jumeirah was the second most pricey property transaction this year.

Other prime apartment communities that attracted investor attention were Business Bay (5 deals above AED 10 million), Jumeirah (4), Jumeirah Beach Residence (4) and Dubai Creek Harbour (4). 

Traditional favourites of the wealthy like Dubai Marina and Al Barari accounted for only a handful of premium transactions while new projects like Bluewaters Island and Dubai Harbour have become quite popular with luxury home seekers.

Luxury villa sales
When it comes to luxury villa sales, both established and new communities have performed equally well until October 2019. The top 5 communities for highest volume of villa sales above AED 10 million were Dubai Hills Estate (47 deals), the Palm Jumeirah (43), MBR City (32), Emirates Hills (22) and Jumeirah Golf Estates (13).

“Dubai Hills Estate has fared well across all price points and has been a popular community for both investors and end-users. The amenities, outdoor spaces, new shopping mall and nice mix of office and retail has been very attractive for buyers,” says Lynnette Abad, Director of Data and Research, Property Finder.  

Within Dubai Hills Estate, Emaar’s villa projects such as Golf Place and Parkway Vistas did particularly well. 

Luxury projects on the Palm that attracted the majority of buyer interest were Signature Villas, Jumeirah Zabeel Saray, XXII Carat, Kingdom of Sheba and Emerald Palace Kempinski Hotel.

Other new villa projects that saw luxury house deals were Jumeirah Bay Island, Dubai Waterfront and Akoya by Damac. 

Traditional favourites such as Umm Suqeim, Al Barari and Polo Homes in Arabian Ranches also figured prominently in the preferences of luxury house seekers.

Average price for luxury homes
A home in Emirates Hills, home to some of the most expensive house transactions in recent times and a constant in rich buyer’s preferences, still commands the highest average property sales price in Dubai. A villa/mansion in Emirates Hills is priced at an average of AED 25.2 million. This is followed by a house in Downtown Dubai which costs an average of AED 22.2 million and the Polo Homes in Arabian Ranches which are priced at an average of AED 21.8 million each.

© Press Release 2019

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