Prices situation on the market and Bluewaters Island tops the sales growth list for real estate in Dubai

The price of a real estate in Dubai is what makes lots of people buy it. Investment properties in Bluewaters Island, Akoya Oxygen and Emaar Beachfront offer the luxury real estate at an affordable price. Let’s have a look how the prices have changed over the 2022.

Another increase in prices for luxury housing

Luxury housing is a separate sector of real estate in Dubai, which operates according to its own laws. Previously, experts argued that the demand for luxury properties in 2021 was almost a record. This factor, of course, had an impact on the issue of pricing: due to the limited number of such properties, their prices began to grow.

However, the forecast not only came true, but also surpassed the expected figures. Already at the end of January 2022, properties in elite residential areas, where the average housing value is USD 1.25 million, began to cost significantly more. In particular, this applies to the Palm Jumeirah, Downtown Dubai, Business Bay areas.

Luxhabitat Sotheby`s analysis, which was based on statistics from the DLD, shows that in a couple of months, the number of sales of luxury properties increased by 5.27%. Today, this segment of the real estate market is valued at USD 4.65 billion.

The highest growth in sales is observed in the Bluewaters Island area, where developers have announced the launch of new projects. Jumeirah is in second place with sales up 300% to USD 101 million. In third place is Arabian Ranches, with USD 123 million worth of luxury properties sold.

Minimum prices for premium real estate

Experts conducted research and were able to name the minimum price for which you can buy premium real estate. Earlier, the consulting agency Knight Frank reported that in 2021 a record number of luxury properties were sold, the value of which was more than USD 10 million.

However, in a couple of quarters of 2022, a new level of property appeared in Dubai, which experts called as super-ultra-premium properties. Their minimum cost is AED 75 million, which is equivalent to USD 20 million.

The luxury property market in Dubai is gaining momentum in popularity much more rapidly than the cheaper segments. One such example is Jumeirah Bay, where a plot of land was sold for AED 35 million.

Wealthy buyers with excess income began to focus on the elite areas of Dubai, trying to bet on the location of the housing. Another important factor is the quality of the project itself. And according to experts, in recent years the quality of construction in Dubai has increased significantly. This is especially noticeable in such projects as Atlantis The Royal Residences, One Palm, Dorchester Residences.

Rising prices for luxury housing

In the districts of the city, Downtown, Palm Jumeirah, Business Bay, a large number of transactions for the sale of luxury real estate have been recorded. By the end of 2022, the average cost of properties in the elite segment of residential properties increased by 41%. Today it is just over USD 1.25 million. And, according to experts, it will continue to grow further.

The above areas have become champions in the sale of luxury real estate. 

  • Third place was taken by the Business Bay area, where properties were sold for USD 680 million. 
  • The second place was secured by Downtown, with the total value of transactions here amounting to USD 871 million. 
  • Palm Jumeirah is in first place, with all transactions valued at USD 925 million.

The rapid growth in sales was recorded in the Al Barari area. Compared to Q2 sales of USD 33.2 million, Q3 sales reached USD 101.6 million. Experts explain this fact by launching several demanded projects at once.

Real estate agency in Dubai

One of the indicators of a person’s quality of life, of course, is his house. Therefore, the most famous and successful people tend to buy housing in the UAE, since life in the Emirates means unlimited opportunities for the realization of any ideas and dreams. In addition, real estate is an ideal way to invest. For those who believe that real estate is the best investment, Ax Capital real estate agency is ready to offer a wide range of residential and non-residential premises designed for fans of luxury apartments. With them, buying and selling real estate turns from a problem into a pleasure.

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