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Dubai's prime residential market received a 17.68% surge in price per square foot in Q2 2021.
Words by Aneesha Rai in The Market · Oct 20th, 2021
Dubai’s prime residential market received a 17.68% surge in price per square foot in Q2 2021, with a minimal decline in overall sales volume of 3.67% at AED 16.1 billion. 4,827 apartments and 506 villas were transacted in Q3 2021 in the Dubai prime residential market, according to analysis by LUXHABITAT Sotheby’s based on data from the Dubai Land Department. A strong surge in buyer activity has also resulted in a 25.37% increase in prices. The Dubai prime residential market areas used for the analysis included Al Barari, Arabian Ranches, Downtown Dubai, Dubai Marina, Business Bay, Emirates Living, Jumeirah, Jumeirah Beach Residence, Mohammed bin Rashid City, Jumeirah Golf Estates, Jumeirah Islands, Jumeirah Lake Towers and Palm Jumeirah.
The top 3 areas in terms of sales volume were Palm Jumeirah (AED 3.9 billion), Downtown Dubai (AED 2.29 billion) and Business Bay (AED 2.07 billion). In the prime residential market, The Business Bay area showed the highest growth of sales from AED 941 million to AED 2.29 billion (2.4x times higher than the previous quarter), followed by Jumeirah Beach Residences (1.5x growth in sales at AED 1.4 billion) and Arabian Ranches 2 (1.1x growth in sales at AED 283 million).
George Azar, CEO & Chairman of Luxhabitat Sotheby’s International Realty said,” The enormous growth in the luxury residential sector speaks volumes of the Dubai Real Estate market's resilience in this Post Covid era.” He added,” Some of our top billing areas have seen 3x the number of deals versus the previous quarter with 80% of the transactions worth an average of 30 million AED.”
Read the rest of the press release here.