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Dubai’s Super-Prime Luxury Property Sales in 2022 May Surpass the 93 Units Sold In 2021
Dubai: Over the first three months, cash-ready purchasers from the UAE and abroad purchased slightly over 30 $10 million properties in Dubai, setting the stage for another record year for super-prime’ residential sales in the city. In 2021, there were 93 sales of $10 million or more.
According to Faisal Durrani, Head of Middle East Research at Knight Frank, “the overall number of $10 million properties sold in 2021 was larger than the entire number of $10 million dwellings sold in Dubai from 2015 to 20.” “Based on year-to-date super-prime property sales, 2022 sales will be comparable to or close to 2021 sales.” As a result, demand for luxury homes in Dubai among the world’s ultra-rich continues to climb.
” The year-to-date data, in fact, show an upward trend. Spite of the fact that the year 2021 had set a very high bar.” A villa on the Palm just sold for Dh 280 Million, indicating that this is the case. The most expensive home sale to date as well as a Dh180 million penthouse attracting a lot of interest in recent weeks.
Prices for Villas Are Approaching Those Of 2014
That year ending March 2022, villa prices in Dubai grew by 20.2 percent. Property prices have increased by 58.9% (excluding plot sales) in just three locations: the Palm, Emirates Hills, & Jumeira Bay, with mean transactions showing purchasers spending DH 2700 per square foot.
“Villa values in Dubai are currently trending at roughly 12.9 percent below their all-time high set in 2014,” Durrani noted. “Even yet, great Dubai real estate is a fraction about what it costs in Britain or elsewhere.” Beachfront properties are no exception. That is what draws ultra-high-net-worth individuals to Dubai to look for houses.”
According to Knight Frank, $1 million will still get you 1,300 sq.ft in a high-end Dubai apartment. When compared to London market rates, the customer will be able to relocate into a 330 sq ft property.
Q2-22 Will Be Crucial
At the outset of the year, it was thought that the Dubai property market will be unable to maintain demand or price increases in 2021. That will not be the case on the ground, per the evidence so far. There were some subtle modifications, but nothing major.
“The Palm helped to redefine sales records, but most of these are custom-built villas.” With standard Nakheel-built villas now reaching a point where buyers are beginning to hold back.” Stated Andrew Cummings, Associate – Head of Premium Residential, Knight Frank. “Land sales in Jumeira Bay also have halted, with plot prices already exceeding Dh100 million.”
As a result, the second-quarter sales volume will determine the demand for luxury residences in Dubai. A continuation of the first three months’ performance will prove that the trend is well and fully on. The fact that the European buyers are getting involved suggests this is the case.
“Super-prime in Dubai is still five times less costly than in the big worldwide capitals,” says Durrani. For the world’s wealthiest, this is one compelling reason to relocate to Dubai.
