Dubai: Mid-market may have been getting much of the attention, but for some investors Dubai’s luxury properties are still where they want to be. A 10,806 square foot apartment at the Volante Tower on the Water Canal went for Dh36 million, while a City Walk unit fetched Dh15.6 million in transactions conducted during the first three months.
According to Jason Hayes, managing director at Luxhabitat, “I am incredibly optimistic for Q2 … Demand for luxury off-plan real estate is currently outstripping supply and this I’m sure will be remedied by our developer partners in their forthcoming launches.”
Even on the villa side, high-end villas were getting buyers, though not at the volumes in past years. Even then, the deals that stood out were a 7,924 square feet residence on the Palm that went for Dh67 million and another at Emirates Hills for Dh49 million. Palm homes took up four of the top five spots.
According to Luxhabitat, the total volume of transactions in Q1-17 were Dh3.4 billion, with 70 per cent going for apartments. Dubai Marina-based units had transactions of Dh595 million, followed by the Palm (Dh378 million) and Downtown Dubai (Dh290 million).
