Dubai’s Prime Property Sector Inching Towards $100 Million Deals


Dubai’s Prime Property Sector Inching Towards $100 Million Deals

After an exemplary revival in 2021, Dubai’s ultra-prime residential market will continue to rise in the second half of 2022. The real estate experts have predicted another record-breaking year for Dubai real estate sector, based on the on-going transactions. Moreover, the limited stock of Dubai prime and ultra-luxury properties is not enough to cater to the rising demand from both local and foreign investors. 

Owing to the demand, the prices for luxury properties for sale in Dubai have been rising incredibly, with properties priced at AED300 million or more. These higher prices are setting new benchmarks in Dubai real estate market. A property developer has recently announced the construction of six luxury villas on the Palm’s “Billionaire Row”, with prices set from AED120 million to AED300 million.

Interestingly, AED300 million is not the highest price recorded in the market but a new villa located at Jumeirah Bay Island is listed for AED350 million. Isn’t it an eye-popping price tag? Or, we can say that the trends are changing. Is Dubai real estate market ready for $100 million homes transactions? 

Just a month ago, Dubai has made headlines for sealing a property deal of a brand new 10 bedroom luxury villa at Palm Jumeirah – at a record-breaking price of AED280 million.

According to industry experts, this is the figure set for new luxury properties for sale in Dubai to compete against. 

Potential property investors from Russia and 11 other Commonwealth of Independent States (CIS) countries now represent more than 20% of potential property buyers in Dubai. According to an estimate, the average property price for these buyers ranges from AED2.5 million to AED25 million for regular and high-net-worth individuals.

Another fact is that several Russian and CIS property buyers have been investing in Dubai off-plan properties, since March 2022. Many prospective Russian and CIS property buyers are scouting around for the right locations and right properties. And soon after finding the right investment opportunity, the deals are being closed within days. Multiple luxury property deals are also being signed, out of which the majority are cash purchases.

A majority of real estate experts agree that Expo 2020 Dubai has given a whole new exposure and growth to the city at an international level, leading to a rise in the market value of the properties and an increase in demand.

Another attractive reform was the change in the residence visa program, based on the volume of investment. Besides that successful roll-out of vaccination to combat the spread of different variants of coronavirus and management of global pandemic was another achievement of the Dubai government that attracted investors from all around the globe. 

Before these reforms, the luxury property sector in Dubai was severely under-priced but the successful management of the pandemic had made the ultra-wealthy fly in and decided to stay back. It was the tipping point for the Dubai property market. Moreover, Dubai real estate market was prepared by all means to cater to the needs of potential investors and property buyers. 

Anticipating the demand for Dubai off-plan properties, developers have been announcing several projects. For instance, DAMAC has recently announced a twin-tower project SAFA 2, which is a sequel to Safa One. 

Safa Two, designed to seem like a cut diamond, is destined to become a landmark on the city’s famed “golden mile.” With elegance dripping from every nook and fixture, Safa 2 residences offer an array of unrivalled amenities.

It’s not just the Dubai property market that has been appealing to the local and foreign investors but other emirates have also geared up with several new residential projects. Aldar in Abu Dhabi has recently launched a project on Saadiyat Island – pricing studio apartments for sale under AED1 million. The studio apartments are being designed with premium touches to offer people luxury living vibes. Moreover, the new project is also near Abu Dhabi’s cultural icons such as the Louvre and Guggenheim.

Sharjah developer Arada’s recent Masaar community, which is similar to many urban developments across the Gulf – with curated selections of space and services – has succeeded because of its focus on exclusivity. To fit the high-end clientele, only villas and townhouses and vast green spaces are designed in Masaar, providing a sense of exclusivity for buyers. Resultantly, the development is popular with finicky investors, who appreciate the exclusivity.

If you also want to be a part of Dubai luxury or Dubai off plan properties, get in touch with the team Amirah today to discuss your investment plans. One of our team members will get back to you to discuss your budget, personal preference and guide you in the right direction with the right investment options. We can provide you with a huge selection of Dubai luxury and Dubai off plan properties to choose from.

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