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DUBAI, 18TH FEBRUARY 2015
Luxhabitat, Dubai's exclusive luxury real estate brokerage has conducted an analysis on properties above AED 5 million sold in 2014 using data from REIDIN and the Dubai Land Department. This analysis reveals that over 40% of these apartments last year were from the Downtown Dubai area.
HIGHLIGHTS:
1) The highest sales of apartments above AED 5 million last year were from the Downtown Dubai area.
2) Despite smaller sized apartments and higher prices per square feet available in other eminent areas, Downtown Dubai remains an attractive location for investors and end-users.
3) Apartments at the Burj Khalifa emerge as the top-selling units above AED 5 million in 2014.
APARTMENTS SOLD ABOVE AED5M IN 2014 BY RESIDENTIAL AREA
In 2014, the number of apartments that sold above AED 5 million exceeded 350 units, of which over 40% of these apartments were from the Downtown Dubai area. The area remains an attractive destination for luxury property investors and Dubai residence seekers. The total value transacted in the area exceeded AED 1.1 billion, with an average price of AED 3,980 per square feet sold. The Dubai Marina area received the second highest number of luxury apartment sales in the area with transaction volume exceeding AED 770 million.
COMPARISON OF AVERAGE BUILT UP AREA (BUA) AND AVERAGE AED/SQ FT FOR APARTMENTS ABOVE AED 5M
Analysis from Luxhabitat suggests that Dubai Marina properties offer twice the area (an average of 4,247 square feet) for a cheaper price of nearly AED 2,000 per square foot in comparison to the Downtown area, which offers an average price of AED 3,980 per square foot for an average built up area of 2,058 square feet.
APARTMENTS SOLD ABOVE AED5M BY BUILDING IN DOWNTOWN DURING 2014
The iconic Burj Khalifa accounts for 41% in terms of number of luxury real estate transactions in the Downtown Dubai area last year, followed by The Residences (35%) and The Address Hotel Apartments (14%).
CEO of LUXHABITAT, Oriol Font has stated that, "The Downtown Dubai area remains an established one with a high rate of enquiries for luxury sales coming in every month despite offering a smaller sized apartment in terms of square feet."
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About LUXHABITAT
LUXHABITAT is Dubai's only high-end real estate company focused on marketing, selling and designing the most exclusive real estate properties in the region above AED 5 million. Last year, our average property transaction was AED 14 million. We are focused in sourcing the best quality properties in premium residential areas such as Emirates Hills, Palm Jumeirah, Al Barari, Jumeirah Islands, Jumeirah Golf Estates, Meadows, Lakes and Arabian Ranches. We also operate in the best apartments and penthouses in Dubai-based upscale buildings such as Le Rêve, Index Tower, Six Towers, Burj Khalifa, and The Address Hotels among others.
For more information, visit our award-winning website at www.luxhabitat.ae
For further press information, images or to arrange interviews please contact Aneesha Rai
E: ar@luxhabitat.ae
M +971 50 426 0432
T +971 40 432 7972
Follow us on twitter: @luxhabitat
© Press Release 2015
