Ultra-high net-worth investors in prime areas have doubled average apartment prices, according to an analysis of data from the Dubai Land Department by LUHABITAT Sotheby’s International Realty. Dubai’s prime residential market saw transactions of over AED30 billion in the fourth quarter of 2022.
Average prices of properties in prime areas increased by 8.72 percent QoQ, the number of units sold also grew by 230.24 percent QoQ.
Jumeira Bay saw the highest prices of AED6996 per square foot and the average price of a property at AED45.7 million, 14 units were sold in Q4 2022. Jumeira Bay apartments sold on average at AED64.9 million, a median price increase by a high of 297 percent.
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From the properties in Jumeira Bay, the most expensive were located at Bulgari Lighthouse & Bulgari Resorts & Residences. Following Jumeira Bay, the next highest is at Palm Jumeirah and Za’abeel.
“The past quarter was characterised by sharp increase in price in specific prime areas. This steep rise in prices is being driven primarily by interest in high-end branded residences, with some of the preferred prime areas such as Jumeira Bay seeing investors willing to pay any price,” said Chris Whitehead, Managing Partner at LUXHABITAT Sotheby’s International Realty.
“We have been working closely with developers to ensure greater availability of new units that are cater to the exacting demands of these investors. When it comes to villas, investors are demanding ready and fully fitted units in beachfront areas such as Palm Jumeirah with several transactions over the AED140 million price point,” he added.
Palm Jumeirah continued to see the most volume sales growth with a quarter increase of 117.36 percent, followed by Al Barari and Jumeirah Islands. Palm Jumeirah was also highest in terms of off-plan and secondary volume sales growth.
MBR City saw the highest number of units sold in the off-plan prime property market, Dubai Marina led the secondary market with the sale of 835 units.
Prime apartments market
The most unit sales were apartments that saw a total volume of AED24.08 billon. Business bay saw the most apartments being sold. The top three areas accounting for highest prime apartment sales volume were Palm Jumeirah, Business Bay and MBR city.
Prime villa market
The villa market increased in terms of volume sales with Emirates Living seeing the highest number of units sold. Palm Jumeirah however, saw the highest sales volume at AED2.56 billion. 62.6 percent of all prime area villas sold were off-plan transactions.
Top 10 Dubai Residential Transactions in Q4 2022
| Development | Price (in AED) | Built Up Area (in sq ft) |
| Palm Jumeirah, The Fronds, Frond N | 600,000,000 | 59,569 |
| Palm Jumeirah, The Fronds, Frond G | 300,000,000 | 28,247 |
| Palm Jumeirah, XXII Carat (Club Villas) | 145,000,000 | 12,167 |
| Palm Jumeirah, The Fronds, Frond N | 145,000,000 | 17,020 |
| Umm Suqeim 3, Marsa Al Arab | 145,000,000 | 15,213 |
| Jumeira Bay, Bulgari Lighthouse | 133,150,000 | 11,655 |
| Palm Jumeirah, The Fronds, Frond G | 130,000,000 | 13,592 |
| Jumeira Bay, Bulgari Lighthouse | 126,900,000 | 11,655 |
| Umm Suqeim 3, Marsa Al Arab | 120,000,000 | 12,283 |
| Jumeira Bay, Bulgari Lighthouse | 119,000,000 | 11,657 |
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