Words by Aneesha Rai
Cosmopolitan, stylish and modern, the Dubai Marina area offers urban living to its residents. The area combined with Jumeirah Beach Residence reported higher apartment sales than Downtown Dubai this year by AED 6.8 million. Closing transactions over AED 348 million, the Dubai Marina and Jumeirah Beach Residence area offers a price per square feet of AED 1889 for apartments above AED 5 million in comparison to Downtown Dubai’s rather hefty AED 3775.5 per square feet, according to REIDIN. REIDIN data additionally reveals that these two areas sold 40 units in the first half of 2015.
The Dubai Marina is home to several high-rise and iconic buildings, the most notable being Le Reve, Emirates Crown and the Cayan Tower. Emirates 24/7 reported this week that the most expensive apartment deal recorded in Q2 2015 was sold to a Saudi national for AED 25 million for a 10,970 square foot apartment in Cayan Tower. In comparison, the most expensive apartment in Jumeirah Beach Residence sold for a comparatively modest AED 10.2 million for a 5,909 square feet apartment.
The Palm Jumeirah sold the highest number of apartments so far this year, with a volume of sales hitting AED 499 million with over 48 apartments sold. The area is only slightly more expensive than the average prices offered by the Dubai Marina and JBR area with AED 1,928 per square feet.
The Dubai Marina area is also known for its penthouses, what Luxhabitat classifies as apartments above 4,000 square feet. Six penthouses were sold for a total of AED 96.7 million during the first half of the year. In addition to two apartments being sold in Cayan Tower, a half floor at Le Reve was sold for a reported AED 18.5 million. The other penthouses were sold in Bayside Residence (AED 16 million), Silverene Towers ( AED 12 million) and Al Yass Tower (AED 12 million).
On observing the price trends per quarter over the past year, the Downtown area faced a decline in price per square feet over 14% from Q1 this year. The Dubai Marina and JBR area also faced a similar price decline of 13%.
Luxury Sales Director, Alexander Von-Sayn Wittgenstein adds, “The Dubai Marina and JBR area are on par with properties in Downtown Dubai. In fact, they offer even more value in terms of luxury.”
Read more in our press release here.
Article published on 12 Aug 2015