The Dubai real estate market continues to attract high net worth individuals and foreign investors with its ultra-luxury properties.
Three of the world’s most expensive properties sold in 2022 were located in Dubai, according to the Zoom Property Insights.
The Insights data further revealed that all three villas were located in Palm Jumeirah, which continues to be the preferred choice of ultra-rich investors and HNWIs in the city.
In 2022 it accounted for 30 per cent of the total real estate transactions in the luxury market segment, which is measured as properties sold for AED20m ($5.4m) and above.
Besides Palm Jumeirah, Jumeirah Beach Residence and Emirates Hills are other notable areas for ultra-luxury properties in Dubai.
Tilal Al Ghaf has also emerged as one of the most demanded communities in the city this year for prime properties.
Ata Shobeiry, CEO of Zoom Property, says the prices of ultra-luxury property will increase further in 2023.
He said, “Supported by the rising demand from HNWIs, end-users, and foreign investors, the prime property sector, and the Dubai property market, on the whole, continues to cruise.
The emirate’s economic growth is also contributing to the success of its real estate as it presents itself as a safe option for investors.”
Most expensive Dubai apartments sold in 2023
According to the Zoom Property Insights, the highest deal for luxury apartments was closed in Bulgari Lighthouse, Island 2 for AED410m ($112m). The development recorded another transaction for a luxury apartment costing AED119m ($32.4m).
It was followed:
- Aire Dubai, Al Wasl where a property was sold for AED119m ($32.4m)
- One Canal, Dubai Water Canal where a property was sold for AED73m ($20m)
- Aire Dubai, Al Wasl where a property was sold for AED62m ($17m).
Most expensive Dubai apartments sold in 2023
The iconic destination Palm Jumeirah has recorded two transactions for luxury villas valuing AED125m ($34m) and AED183m ($50m) to date.
Other areas where luxury properties were sold include Tilal Al Ghaf, where a property was sold for AED90.1m ($24.5m) and Emirates Living (AED70m and AED45m).
Shobeiry said: “The tight supply and shortage of residential units in the luxury segment may slow things down, and there could be a reduced number of transactions”.
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