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There Are Currently Roughly 50 Serious’ Listings For Dh100 Million Properties, With Palm Being The Most Popular.
Increasingly properties worth more than Dh100 million are being listed for sale in Dubai. As their owners believe the super-luxury residential market has reached – or is approaching – its pinnacle. Currently, roughly 50 similar homes in Dubai are available at these prices, most of which are on the Palm.
“About 25-30% of those offered for sale presently are only available through private listings,” said Mark Castley, CEO of LuxuryProperty.com. “Last year, there were 29 sales worth more than Dh100 million, totaling Dh6.4 billion.”
The final tally for 2022 appears to be on track to beat last year’s, aided no doubt by the Dh280 m sale of a Palm house. Other transactions resulted in owners walking away over Dh100 million or more.
The increased number of properties this year indicates that property owners believe home values at the upper end of the market have reached their peak. In addition, the longer you wait, the more likely it is that another seller will close the sale. After Covid, the luxury end of Dubai’s residential market was the first to recover. And from March 2021 onwards, when the transaction for the One100 Palm on Palm Jumeirah fetched Dh111.25 million, the market began to rebound. There was no turning back after that. “However, these Dh100 million house sellers should time their transactions waiting too long can lead to disappointment.” Ten of the Dh100 million houses on the Palm are completely off-market.
Buyers from Europe/Russia
European buyers have been active in the local real estate market since the beginning of the year. In addition, in March, Russian as well as other CIS purchasers followed them. A Russian national who has lived in Dubai for such time purchased a Dh89.1 million mansion in MBR City’s District One. Which is thought to be the most expensive deal in the community to date.
In May, a Dh128 million purchase was completed at Dubai Hills Grove. Which is known as the ‘Street of Dreams’ because of its cluster of Dh100 million-plus residences.
Private Viewings Are Available
“The Palm has a high amount of private listings – of the Dh100 million properties there, ten are fully off-market,” Castley says. This is partly owing to the seller’s high profile and partly to give their property an impression of exclusivity.
“When it comes to all of the business dealings, many high- and ultra-high-net-worth investors are quite private. And they would much rather keep facts about their residences out of the public view.”
It’s also the simplest way to keep window-shoppers out because these residences are only shown to serious purchasers.” Besides the Palm, Emirates Hills has seen a few private listings. While on Jumeira Bay Island, “there are only a limited amount of completed villas available, with the great bulk of them listed privately,” Castley added.
Is This Going To Be Another Big Summer?
In Dubai, the summer of 2021 marked a watershed moment for luxury housing sales. During this time, the city’s rising property market and increased profile as a location for the world’s elite to come to and be in were bolstered. Viewings during the summer vacations resulted in some of the following sales of Dh100 million residences.
Will this summer’s luxury property sales be as heated as last year’s? The CEO of Realty Force, Riyaz Merchant, is certain that the show will be repeated. “There’s the Ukraine scenario, and we’re seeing a lot of Chinese interest in buying,” he said.
“However, I’d argue there aren’t too many alternatives remaining for Dubai’s super-premium deals. The majority of them have already happened.” As a result, further activity inside the Dh50 m to Dh100 m range is likely.” Developers might also come in with more off-plan options like those that they did in Jumeira Bay. Buyers are on the lookout…
