Between July and September, Dubai’s property market had its best performance in more than ten years, setting another record for the highest sales value on both a villa and an apartment.
The villa was purchased 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 was purchased for Dh163 million by the seller at Atlantis The Royal Residences, another 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 barely beat out another home on the Palm for Dh280 million, which was reportedly purchased by the family of Indian billionaire Mukesh Ambani. Apart from the Palm, the other island destination that continues to see record-breaking deals, whether for a complete home or the plot itself, is Jumeira Bay.
Pricier apartments
With the flood of luxury property projects launched by Dubai developers in the last five years, it was unavoidable. If you look at the most expensive deals in the city, you’ll notice that apartment/penthouse selling prices are far surpassing the majority of villa deals.
The evidence is that, while the Dh302.5 million Palm villa deal was the most expensive in Q3-22, the subsequent ones are duplexes or penthouses. There’s the Dh163 on the Atlantis, and a Six Senses Residences unit (also on the Palm) sold for Dh92 million, according to DXBInteract.com.
A Dh85 million deal at One Palm Jumeirah, a Dh45 million Dorchester Collection unit in Business Bay, and a Dh44 million deal at AVA Palm Jumeirah took the next three spots. Omniyat is responsible for all three of these projects.
When it comes to villas, the most expensive – by a long shot – was the Dh302.5 million mega-deal. Following that, the most expensive transactions were for Dh42 million at Majid Al Futtaim Properties’ Tilal Al Ghaf, another for Dh36 million at Villa Amalfi, and two for Dh18 million (at MBR City) and Dh16 million (at Villa Amalfi) (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 the 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.