Dubai: For the super-rich wanting to get another home in Dubai, the Palm stays the best option. In fact, six of the Top 10 property deals in Dubai during the initial three months of 2021 feature homes on the Palm, with the costliest being a Dh111,25 million one.
In value terms, these six Palm bargains totaled Dh339.75 million of the Top 10’s consolidated Dh546.22 million. Undoubtedly, the Palm has recorded a consistent expansion in Dh50 million-plus deal… just as homes being leased for Dh1 million and over yearly, as per date from Luxhabitat Sotheby’s International Realty.
In the year-to-date, there is an obvious sign of expanded movement by wealthy buyers, based locally and outside. More deals might have occurred notwithstanding travel and different limitations that have come in the way of activity on account of the COVID-19 circumstance in some of the business sectors.
“There is a massive shift of wealth that has triggered an exponential increase in real estate transactions in 2021 compared to previous years,” said Chris Whitehead, Managing Partner at Luxhabitat Sotheby’s. “We have seen a 30-50 percent increase in transactions on high-ticket properties.”
Away from the Palm, there was a Dh68 million home at Emirates Hills that brought Dh68 million to be the second priciest transaction among January and end March. A Dubai Hills’ Grove bunch villa was associated with a Dh49.8 million deal, to be placed fourth.
Runaway winner
In terms of overall deal volumes, the Palm was again the clear winner, indenting up Dh2.7 billion worth of properties sold in the primary quarter, well in front of MBR City’s Dh1.3 billion and Business Bay’s Dh1.2 billion. Again, a ton of this purchasing is fuelled by end-client interest.
Another large gainer was the Jumeirah Beach Residence tower cluster, where bargains totaled Dh916 million and 2.7 times higher than in the October-December 2020 period.
No summer break?
Passing by the substantial action over the course of the period of Ramadan, property market sources accept summer could be moderately occupied on the business side. Particularly at the top-finish of the market, forthcoming purchasers needing to finish off their purchases before values begin firming up.
“Luxury and upper-premium homes are the ones with the biggest demand behind them,” said an estate agent. “It’s always been the case with past Dubai property market recoveries – this one needn’t be any different.”