Luxury homes sales in Dubai last year hit their highest level since 2015, with 93 homes worth more than $10 million sold as several wealthy international buyers tapped into the emirate’s post-Covid recovery.
According to property consultant Knight Frank, the growth was led by ultra-high-net-worth buyers from India, Russia, and Europe, including buyers from Switzerland and Monaco.
Another property expert, Zoom Property Insights, said that “The luxury home market has started on a high note with a significant jump in transactions of 30 percent on a year-on-year basis as it recorded 4,083 deals in January 2022. The average property prices also witnessed an increase of 35.1 percent during the month.”
The most expensive apartments
The most expensive apartment was sold in Burj Khalifa Zone 4, Downtown Dubai, for 73 million dirhams during Q1 2022. It was followed by an apartment in Dorchester Collection Dubai located in Business Bay. The ultra-prime apartment was sold for 69 million dirhams.
Next, The Royal Atlantis Resort and Residences in The Palm Jumeirah sold a high-end apartment for 63 million dirhams. Luxury apartments in W Residences Dubai and Serenia Residences Building B, both located in The Palm Jumeirah, were sold for 57 million dirhams and 50 million dirhams, respectively.
The most expensive villas
Maintaining its reputation for selling ultra-exclusive and luxury villas, The Palm Jumeirah sold the most expensive villa worth 87 million dirhams during Q1, 2022. Another villa valuing 30 million dirhams was sold in Island 2. It was followed by luxury villas in Dubai Hills Estate, Nad Al Sheba Third, and Al Hebiah Fourth. The two villas were sold for 29 million dirhams, 22 million dirhams, and 10 million dirhams, respectively.
In a bid to earn higher profits, many owners of luxury homes in Dubai are delaying their plans of selling properties as prices are expected to increase even more.
Particularly areas such as The Palm Jumeirah, Jumeirah Bay, District 1, and Dubai Hills are projected to see a 10 to 15 percent jump in annual price gains.