Dubai high-end residential market picks up in Q2
Dubai’s high-end residential market increased by 4% in the second quarter of 2017 compared to the first, a new report reveals
Dubai’s high-end residential market increased by 4% in the second quarter of 2017 compared to the first, a new report reveals.
According to a report by LUXHABITAT, a Dubai-based high-end real estate company, there is currently a flattening of price evolution with prices for prime residences reaching $403 (AED1,482) per sqft in Q2 2017.
Prices are now at similar levels as of Q4 2015 and are steadily rising similar to Q3 2016 trends, with the total volume of transactions in Q2 2017 totalling $980m (AED3.6bn).
Interest in villa sales is also rising in prime areas with a recorded 7% increase in volume of transactions per villa from the previous quarter.
Apartments accounted for 62% of the total volume of transactions in Q2, with the Palm Jumeirah transacting approximately $210m (AED771m), followed by Dubai Marina at $182m (AED 667m) and Downtown Dubai at $93m (AED 340m).
For villas, 50% of the transactions came from the Emirates Living areas, which includes Emirates Hills, Springs and the Meadows, and The Lakes.
The most expensive villa transacted was a 25,812 BUA square feet villa in Emirates Hills for $25m (AED90m) with the Emirates Hills area alone transacting $74m (AED270m), the report added.
Luxhabitat recognises 12 key areas that form part of this classification; the areas are Al Barari, Arabian Ranches, Downtown Dubai, Dubai Marina, Emirates Hills, Jumeirah, Jumeirah Beach Residence, Jumeirah Golf Estates, Jumeirah Islands, Jumeirah Lakes Towers, Palm Jumeirah, The Lakes, Springs and Meadows, and Victory Heights.