New record 54 homes sold over $ 10 million in Dubai in the third quarter
Dubai: Residential property values in the UAE’s two largest cities, Dubai and Abu Dhabi, have grown at their fastest pace since 2015, according to provisional third quarter data from global real estate consultancy Knight Frank .
“The market is coming back to life. The burgeoning euphoria around the UAE’s mastering of the pandemic so well, coupled with the excitement over the long-awaited World Expo, add to the growing confidence in the residential market, ”said Faisal Durrani , partner. – Responsible for Middle East research.
The UAE’s decisive and swift response to the pandemic has caught the attention of the world’s wealthy who continue to flock to Dubai, snatching up the most expensive homes in places such as Palm Jumeirah and Jumeirah Bay. This played a big role in increasing the value of the villas, according to Knight Frank.
“Dubai villa prices are tentatively up 5% in the third quarter and almost 17% higher than they were at the same time last year. Indeed, the number of homes sold over $ 10 million currently stands at 54, breaking the previous record of 31, set in 2015 – and there are still three months to go this year. Unsurprisingly, Palm Jumeirah and Emirates Hills account for nearly 75% of prime home sales in the city, but we are seeing new Dubai submarkets such as Business Bay joining the exclusive list of over 10 million locations. dollars, ”Durrani said.
“It was only a matter of time before the ‘halo effect’ of downtown Dubai spread to surrounding markets, highlighting that not only is Dubai’s super premium market booming, but that ‘it also matures. “
Abu Dhabi back in the dark
Not to be outdone, values in Abu Dhabi are also on the rise, with residential values enjoying positive year-over-year increases overall for their second consecutive quarter, according to Knight Frank’s analysis. .
Residential values in the UAE capital are now 2% higher than they were a year ago, with villas (3.1%) experiencing stronger growth than apartments (1.8%).
“As has been the case throughout the pandemic, current and potential homeowners have their eyes set on large homes, whether for more space for a home office or to access additional space, to inside or outside. This is truly a case where the bigger the better, as evidenced by recent off-plan villa quick sale projects in Abu Dhabi, such as Aldar’s 480 Noya Viva villa development on the island. de Yas, which sold out in 48 hours in April, or the more recent quick sale of the 83 villas in Saadiyat Reserve the Dunes, ”said Durrani.