Dubai’s prime residential market saw volume growth in Q3 2022 by 1.11 percent quarter on quarter totalling to AED21.9 billion with an increase in average prices by 11.9 percent, according to a report by LUXHABITAT Sotheby’s International Realty.
The average price of a prime property is AED6.4 million, a total of 7,552 properties were transacted in the third quarter of this year, in the Dubai prime residential market. The properties included 6,940 apartments, 316 villas and 251 townhouses according to data from the Dubai Land Department.
Prices per square feet were highest in Jumeirah at AED10,942 per square foot, followed by Jumeira Bay at AED5,305 per square foot and Palm Jumeirah at AED3,018 per square foot.
The market areas included in the analysis by LUXHABITAT Sotheby’s International Realty included Al Barari, Arabian Ranches, Downtown Dubai, Dubai Marina, Business Bay, Emirates Living, Jumeirah, Jumeira Bay, Jumeirah Beach Residence, Mohammed bin Rashid City, Jumeirah Golf Estates, Jumeirah Islands, Jumeirah Lake Towers, Palm Jumeirah and Za’abeel.
The top three areas in terms of sales volume in the prime segment are Palm Jumeirah, Business Bay and Downtown Dubai, being the most favourable locations for prime property buyers.
“These homes are creating opportunity gateways and promoting buying decisions based on the benefits of purchasing within Dubai with an outcome for such individuals to relocate not only their primary homes but businesses and investment portfolios,” said Chris Whitehead, Managing Partner at LUXHABITAT Sotheby’s.
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