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Dubai's Luxury Real Estate Market: Record-Breaking Sales for Prime and Ultra-Prime Properties
一月 12, 2024
Dubai's Luxury Real Estate Market: Record-Breaking Sales for Prime and Ultra-Prime Properties 迪拜
By   Internet
  • 城市報
  • Dubai Luxury Real Estate
  • Property Sales
  • Prime Properties
  • Property Supply
Abstract: According to the latest data, Dubai's real estate market has undergone some changes in the past year. Although overall sales of prime and ultra-prime properties have slightly decreased, the sales figures for properties valued at over 5 million dirhams and 10 million dirhams have reached record levels.

According to a report from real estate consultancy firm CBRE, in 2023, transactions for properties valued over 5 million dirhams and 10 million dirhams recorded 10,296 and 3,806, representing an increase of 54.5% and 68.4%, respectively. This indicates that the high-end property market remains vibrant.


The report also highlights that off-plan sales accounted for 67.2% and 70.8% of the total, demonstrating strong investor demand for high-end properties. Many individuals choose to purchase properties in relatively emerging development projects, considered as promising and having significant potential for investment.


Golden locations include Dubai Downtown, Emirates Hills, Jumeirah Bay Island, Jumeirah Palm Island, and District One. Properties with values exceeding 5 million dirhams are considered prime, while those exceeding 10 million dirhams are classified as ultra-prime.

Dubai's Luxury Real Estate Market: Record-Breaking Sales for Prime and Ultra-Prime Properties

Despite an overall decline in sales figures, Jumeirah Palm Island still leads in transactions within the prime and ultra-prime markets. The number of units sold for properties over 5 million dirhams was 963, and for properties over 10 million dirhams, it was 593.


It's worth noting that the total transaction volume for prime and ultra-prime properties decreased by 15.5% and 3.1%, respectively. This may be attributed to some buyers' cautious attitude towards the high-end market and sensitivity to pricing.


However, data from the fourth quarter of 2019 shows that the average price per square foot in the prime market was 4,604 dirhams, marking a 22.5% increase compared to the same period the previous year. Particularly, Jumeirah Bay Island and District One witnessed a year-on-year growth in average prices of 35.6% and 27.2%, respectively. This suggests that the high-end real estate market still holds significant growth potential.


Simultaneously, the average price per square foot for ultra-prime properties also increased to 4,900 dirhams, showing a growth of 20.4%. High-value transactions in the UAE Mountains and Jumeirah Bay Island supported the price growth for ultra-prime units in some secondary markets, reaching an average selling price of 34.1 million dirhams in the fourth quarter of 2019.


Taimur Khan, Director of Research for CBRE in the Dubai MENA region, stated, "We expect that in the coming year, due to a lack of new supply, the price growth in the prime and ultra-prime markets may remain relatively strong, although the pace of growth may slow down slightly. Buyers continue to have confidence in Dubai's luxury real estate market."

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Dubai's Luxury Real Estate Market: Record-Breaking Sales for Prime and Ultra-Prime Properties
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