Luxhabitat conducted analysis on apartment sales above AED 5 million sold in 2014 using data from REIDIN and the Dubai Land Department. Below are some of our observations:
1) The highest sales of apartments above AED 5 million last year were from the Downtown Dubai area.
2) Despite smaller sized apartments and higher prices per square feet, Downtown Dubai remains an attractive location for investors and end-users.
3) Apartments at the Burj Khalifa emerge as the top-selling units above AED 5 million in 2014.
APARTMENTS SOLD ABOVE AED5M IN 2014 BY RESIDENTIAL AREA
In 2014, the number of apartments that sold above AED 5 million exceeded 350 units, of which over 40% of these apartments were from the Downtown Dubai area. The area remains an attractive destination for luxury property investors and Dubai residence seekers. The total value transacted in the area exceeded AED 1.1 billion, with an average price of AED 3,980 per square feet sold. The Dubai Marina area received the second highest number of luxury apartment sales in the area with transaction volume exceeding AED 770 million.
COMPARISON OF AVERAGE BUILT UP AREA (BUA) AND AVERAGE AED/SQ FT FOR APARTMENTS ABOVE AED 5M
Analysis from Luxhabitat suggests that Dubai Marina properties offer twice the area (an average of 4,247 square feet) for a cheaper price of nearly AED 2,000 per square foot in comparison to the Downtown area, which offers an average price of AED 3,980 per square foot for an average built up area of 2,058 square feet.
The iconic Burj Khalifa accounts for 41% in terms of number of luxury real estate transactions in the Downtown Dubai area last year, followed by The Residences (35%) and The Address Hotel Apartments (14%).