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The average price of a super prime property in Dubai is now AED25.2 million ($6.86 million), a 27.49% increase from Q4 of 2022, says a report.
The super prime luxury market represented 21.7% of the overall Dubai residential market in Q1 2023 in terms of volume. The average price per sq ft of a super prime property increased by 21.07% to AED3,373 per sq ft, according to analysis by Luxhabitat Sotheby’s International Realty and data from the Dubai Land Department.
Dubai’s super prime residential market witnessed transactions worth AED14.7 billion in Q1 2023, reflecting a volume contraction of 21.72% QoQ (quarter-on-quarter) over Q4 2022.
Luxhabitat Sotheby’s International Realty has considered the following areas in the analysis with data from the Dubai Land Department that form the super-prime property market - properties sold in Al Barari, Downtown Dubai, Dubai Hills Estate (mansions only), Emirates Hills, Jumeira Bay, Jumeirah Islands and Palm Jumeirah.
Super prime areas that continued to see the positive volume sales growth QoQ were Jumeira Bay (220% at AED2.05 billion), Al Barari (167.53% at AED926 million), Downtown Dubai (48.78% at AED3.4 billion) and Emirates Hills (11.62% at AED613.6 million). With AED5.7 billion in super prime sales, the Palm Jumeirah has seen an increase of 17.26% in average price QoQ to AED9.5 million.
Chris Whitehead, Managing Partner at Luxhabitat Sotheby’s International Realty said: “Moving into the second quarter we see a continuation of high-volume residential transactions within the super prime luxury segment. This continuity is primarily fuelled by the current lifestyle and wealth shifts being witnessed from incoming European buyers and a recent increased trend from institutional investors moving back into bricks and mortar asset classes. Additionally, super prime turnkey properties continue to be in low supply and sellers will dictate pricing and ensure the positive trend required to push the region through the historically slower summer months.”
SUPER PRIME APARTMENTS
In the super prime market, there were 1,584 apartments sold for a total volume of AED9.8 billion, making it 66% of the volume of the overall super prime market. The top three areas accounting for the highest super prime apartment sales volume were Palm Jumeirah (AED3.7 billion), Downtown Dubai (AED3.4 billion) and Jumeira Bay (AED1.8 billion). The average cost of a super prime apartment costs AED28.4 million, which is a 34.62% increase from the previous quarter and covers a built-up area of 5,379 sq ft. 70% of all super prime apartment units sold in Q1 2023 were from the super prime off-plan residential market.
SUPER PRIME VILLA MARKET
In the super prime villa market, there were 294 villas sold at a total volume of AED 5.6 billion. The top three areas accounting for the highest super prime villas sales volume were Palm Jumeirah (AED1.9 billion), Dubai Hills Estate (AED1.6 billion) and Al Barari (AED926 million). The average cost of a super prime villa was AED36.8 million, which is a 37.2% increase QoQ. The average price/sq ft of super prime villas has jumped by 53.15% QoQ at AED3547/ sqft. 88% of the super prime villa market sales were from the secondary super prime residential market.
JUMEIRA BAY – BILLIONAIRE’S ISLAND
Average price was highest in Jumeira Bay at AED10,594 per sq ft and the average price of a property at AED93.3 million, despite only 22 units being sold in Q1 2023, truly allowing it to really take its name as “Billionaire’s island”. Apartments in Jumeira Bay were sold on average at AED91.2 million, reflecting an average price increase by as much as 40%. The most expensive of these were located at Bulgari Lighthouse & Bulgari Resorts & Residences, which also takes the top spot in the most expensive transactions list at AED410 million. Four out of the top 10 transactions come from Jumeira Bay. After Jumeira Bay, price per sq ft was the highest in Palm Jumeirah (AED3,106 / sq ft) and Emirates Hills (AED2,396 /sqft). The Jumeira Bay sales volume also grew the most at 220% QoQ.
AL BARARI TRUMPS
With a 220% increase in sales volume in the super prime secondary market to AED552 million, Al Barari proves to be the most popular area to purchase in this category, followed by Downtown Dubai (16.82% increase at AED1.1 billion) and Emirates Hills (11.6% at AED613 million.)
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