According to Luxhabitat Sotheby’s International Realty, the third quarter of 2022 saw a rise in average prices in Dubai’s premier property market of 11.29 percent and a growth in sales volume of 1.11 percent quarterly, suggesting continuing market stabilization.
According to research by Luxhabitat based on statistics from the Dubai Land Department, a total of 7,552 properties, including 6,940 flats, 316 villas, and 251 townhouses, were traded in the Dubai prime residential market in Q3 2022, reflecting a quarterly rise of 7.06 percent. Jumeirah had the highest prices per square foot at Dh10,942/sq ft, followed by Jumeira Bay at Dh5,305/sqft and Palm Jumeirah at Dh3,018/sqft.
“Dubai’s real estate sector continues to grow from strength to strength. Over the last twelve months, market volatility in several nations has led to an increased spike in international UHNWIs home buying within the region. These homes are creating opportunity gateways and promoting buying decisions based on the benefits of purchasing within Dubai with an outcome for such individuals to relocate not only their primary homes but businesses and investment portfolios. This quarter’s results demonstrate that UHNWIs (ultra-high net worth individuals) have a healthy appetite for luxury properties, buying larger homes across the city including new neighborhoods such as Anabel added to the mix,” said Chris Whitehead, managing partner at Luxhabitat Sotheby’s International Realty.
According to a survey by Luxhabitat, Jumeirah, Za’abeel, and Business Bay saw the biggest increases in sales volume while Jumeirah, Jumeira Bay, and Palm Jumeirah had the highest prices per square foot.
Sales of luxury residences climbed by 4.75 percent to Dh16.7 billion in the third quarter.
“Investors show a preference for apartments and larger properties with the emergence of new prime neighborhoods such as Za’abeel with high-value sales.”
Among other things, investors bought larger homes in neighborhoods like Jumeirah, MBR City, and Arabian Ranches, where built-up areas increased by, respectively, 86.8% (3,043 sq ft), 16.9% (9,877 sq ft), and 9.1% (4,625 sq ft), over the previous quarter.
The top three locations in terms of sales volume in the prime segment are the same as they were in the previous quarter: Palm Jumeirah (Dh5.10 billion), Business Bay (Dh3.79 billion), and Downtown Dubai (Dh3.59 billion).