4,681 apartments and 818 villas were transacted in Q2 2021 in the Dubai prime residential market at a sales volume of AED 16.7 billion, 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 nominal 1.4% 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 4.2 billion), MBR City (AED 2.43 billion) and Downtown Dubai (AED 2.41 billion). In the prime residential market, we see have seen a higher growth in sales The Al Barari Residence area showed the highest growth of sales at AED 333 million (2.1x times higher than the previous quarter), followed by Jumeirah Golf Estates (1.9x growth in sales at AED 734 million) and Mohammed bin Rashid City (1.7x growth in sales at AED 2.4 billion).
The post covid resilience of UAE's economy is attracting immense wealth from across the world and specially from Europe, England and the Americas.
“The post covid resilience of UAE’s economy is attracting immense wealth from across the world and specially from Europe, England and Americas.” Chris Whitehead, Managing Partner of Luxhabitat Sotheby’s International Realty said. He further added, “This exponential growth in high-net-worth end user buyers is here to stay and it will increase the demand for luxury sector properties through 2021 to next year.”
Prime Villa Market
The prime villa market remained stable with an average price of AED 8.04 million, about 1.65% lower than the previous quarter, however the sales volume for prime villas in Dubai at AED 5.9 billion have increased by over 48% from the previous quarter. – indicating keen buyer interest in villas continuing from last year and Q1. At Luxhabitat Sotheby’s, we have seen an increased demand in villas above AED 100 million being listed.
Prime Apartments Market
Apartments in the prime areas retained price levels at an average of AED 1,439 per sqft. There was a sales volume surge of 25% to AED 8.2 billion. The average prime apartment now costs approximately AED 2.1 million.
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