Dubai: Dubai’s property market turned in its best performance in more than 10 years between July to end September – and in the process set another record of seeing the highest sales value to date on both a villa and apartment.
The villa deal was for Dh302.5 million, for a brand new home built by Alpago Properties on the Palm’s ‘Billionaires’ Row’, or the G frond to be precise. The apartment deal was the Dh163 million the seller paid for at Atlantis The Royal Residences, also a soon-to-be-completed project on the Palm.
“With those two eye-popping deals happening in the same quarter, Q3-2022 was always going to be in the record books,” said Firas Al Msaddi, CEO of fam Properties.
What’s clear is that Dubai’s super-luxury homes are still commanding top dollar and demand with the global investor.
“The market is also seeing investors specifically looking at super-prime options that are new builds, because most of the available inventory of Dh100 million villas are already sold.”
The Dh302.5 million deal just pipped the one for Dh280 million for another home on the Palm, which was reportedly bought by the Indian billionaire Mukesh Ambani’s family. Apart from the Palm, Jumeira Bay is the other island destination that continues to see a series of record-setting deals, whether for a complete home or the plot itself.
It was bound to happen with the wave of luxury property projects launched by Dubai developers in these five years. Check the latest tally of the costliest deals in the city, and you will find that apartment/penthouse selling prices are soaring well above the majority of villa deals.
Here’s the evidence – while the Dh302.5 million Palm villa deal was the costliest in Q3-22, the succeeding ones are duplexes or penthouses. There’s the Dh163 on the Atlantis, and Dh92 million was what a Six Senses Residences’ unit (also on the Palm) sold for, according to DXBInteract.com.
The next three spots were taken up by a Dh85 million deal at One at Palm Jumeirah, Dh45 million for a Dorchester Collection unit in Business Bay, and Dh44 million for another at AVA, at the Palm. These three projects are all by Omniyat.
In comparison, when it comes to villas, the most expensive – by some distance – was the Dh302.5 million mega-deal. Following that, the priciest transactions were for Dh42 million at the Majid Al Futtaim Properties’ built Tilal Al Ghaf, another for Dh36 million at Villa Amalfi, and then there were two for Dh18 million (at MBR City) and Dh16 million (at Nad Al Sheba First).
More deal flows on apartments
“Don’t be surprised if there are more Dh80 million to Dh100 million apartment deals,” said Al Msaddi. “As is happening with Atlantis The Royal Residences, closer to completion date for some of the other super-luxury buildings can see big-ticket deals.
“The City Walk apartments are universally popular, with whole buildings selling out instantly. Another is the One Za’abeel near the Dubai World Trade Centre.”
The action at Dubai’s luxury – make that super-luxury - dwellings has more miles to go.