Dubai’s prime residential market witnessed transactions worth AED14.7 billion in the first quarter of 2023, according to data by the Dubai Land Department analysed by LUXHABITAT Sotheby’s International Realty.
Top 10 residential transactions in Q1 2023
Development | Price (in AED) |
Jumeira Bay Island Bulgari lighthouse | 410,000,000 |
Palm Jumeirah, XXII Carat (Club Villas) | 183,000,000 |
Jumeira Bay Island Bulgari lighthouse | 160,300,000 |
Palm Jumeirah, The fronds,Frond D | 150,000,000 |
Palm Jumeirah, The fronds,Frond F | 125,000,000 |
Jumeira Bay Island Bulgari lighthouse | 119,000,000 |
Al wasl Aire Dubai | 118,705,620 |
Al wasl Aire Dubai | 117,298,380 |
Al wasl Aire Dubai | 117,298,380 |
Jumeira Bay Island Bulgari lighthouse | 116,000,000 |
The super prime luxury market in Q1 2023 currently represents 21.7 percent of the overall Dubai residential market. The super prime market consists of areas including Al Barari, Downtown Dubai, Dubai Hills Estate, Emirates Hills, Jumeira Bay, Jumeirah Islands and Palm Jumeirah.
“Moving into the second quarter we see a continuation of high-volume residential transactions within the super prime luxury segment. This continuity is primarily fuelled by the current lifestyle and wealth shifts being witnessed from incoming European buyers and a recent increased trend from institutional investors moving back into bricks and mortar asset classes. Additionally, super prime turnkey properties continue to be in low supply and sellers will dictate pricing and ensure the positive trend required to push the region through the historically slower summer months,” said Chris Whitehead, Managing Partner at LUXHABITAT Sotheby’s International Realty.
The highest average prices were seen in Jumeirah Bay at AED 10,594 per square ft and an average price of AED 93.3 million, earning the name ‘Billionaire’s Island’.
The most expensive property sold at Jumeirah Bay was the Buulgari Lighthouse & Bulgari Resorts & Residences at AED 410,000,000.