Dubai’s prime residential property market registered a 5.3 percent increase in volume in the fourth quarter of 2021 to AED17.1 billion as prices soared, according to new research.
Analysis by Luxhabitat Sotheby’s showed that the market saw an surge in prices by 41 percent, with an average price of prime property rising to AED4.6 million.
A total of 5,205 apartments and 552 villas were transacted in Q4 in the Dubai prime residential market which includes Al Barari, Arabian Ranches, Downtown Dubai, Dubai Marina, Business Bay, Emirates Living, Jumeirah, Jumeirah Beach Residence, Mohammed bin Rashid City, Jumeirah Golf Estates, Jumeirah Islands, Jumeirah Lake Towers and Palm Jumeirah.
The top 3 areas in terms of sales volume were Palm Jumeirah (AED3.4 billion), Downtown Dubai (AED3.2 billion) and Business Bay (AED2.5 billion) while the Al Barari area showed the highest growth of sales.
The company announced that it was responsible for over 3 percent of the total sales (AED9 billion) volume from Dubai’s overall residential market last year. It also reported a revenue growth of over 800 percent from 2020.
Honey Deylami, associate director, was the top sales performer at Luxhabitat Sotheby’s, closing over AED2 billion in deals.
Some of her most memorable transactions from last year include a Dubai Hills mansion that was listed and sold within a week, a rare Bulgari penthouse sale and an overseas sale of a penthouse at One Palm.
She said she expects 2022 to be the best year yet for Dubai’s luxury property market.
“I believe that we are still short in stock of premium and luxury properties, specifically larger apartments, penthouses and luxury beachfront or golf course view villas. I expect a strong market in 2022 specially in the luxury market segment as we still see a strong demand in those areas and not enough supply.”
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