Analysis of property transactions valued over AED10m shows that older areas of Dubai still dominate sales in luxury segment
Established areas in Dubai still rank high on the radar of luxury property buyers, according to new research.
Although the sale of a AED90 million villa at District One in Mohammed Bin Rashid City is the costliest house purchase in Dubai so far this year, a closer look at property transactions valued over AED10 million shows that older areas still dominate sales in this segment.
According to statistics from Data Finder, the real estate data and insights platform under Property Finder Group, old favourites Downtown Dubai and Palm Jumeirah lead in terms of volume of apartment transactions valued above AED10 million from January to October.
Emaar’s under-construction Il Primo project in Opera District accounted for 18 of the total 34 luxury apartment transactions in Downtown Dubai, the data showed.
It added that on Palm Jumeirah, the Royal Atlantis Resort & Residences made up 13 of the total 31 luxury apartment transactions in the first 10 months of the year. The Alef Residences on the Palm Jumeirah also accounted for eight apartment transactions above AED 10 million.
A lone penthouse that sold for AED74 million in The One at Palm Jumeirah was the second most pricey property transaction this year.
Other prime apartment communities that attracted investor attention were Business Bay (five deals above AED10 million), Jumeirah (4), Jumeirah Beach Residence (4) and Dubai Creek Harbour (4).
When it comes to luxury villa sales, both established and new communities have performed equally well in the year to October.
The top 5 communities for highest volume of villa sales above AED10 million were Dubai Hills Estate (47 deals), the Palm Jumeirah (43), MBR City (32), Emirates Hills (22) and Jumeirah Golf Estates (13).
“Dubai Hills Estate has fared well across all price points and has been a popular community for both investors and end-users. The amenities, outdoor spaces, new shopping mall and nice mix of office and retail has been very attractive for buyers,” said Lynnette Abad, director of Data and Research, Property Finder.
Luxury projects on the Palm that attracted the majority of buyer interest were Signature Villas, Jumeirah Zabeel Saray, XXII Carat, Kingdom of Sheba and Emerald Palace Kempinski Hotel.
Other new villa projects that saw luxury house deals were Jumeirah Bay Island, Dubai Waterfront and Akoya by Damac.
Traditional favourites such as Umm Suqeim, Al Barari and Polo Homes in Arabian Ranches also figured prominently in the preferences of luxury house seekers.
According to the data, a home in Emirates Hills still commands the highest average property sales price in Dubai. A villa/mansion in Emirates Hills is priced at an average of AED25.2 million, followed by a house in Downtown Dubai which costs an average of AED 22.2 million and the Polo Homes in Arabian Ranches which are priced at an average of AED21.8 million each.