According to recent data, Dubai’s thriving real estate sector is expected to rise by 46 percent next year. According to Realiste data, home prices in Dubai have increased by 20-40% in the last year. Other localities had considerably greater growth. Palm Jumeirah, for example, increased by 59 percent, while Trade Center First increased by 210 percent.
The Dubai real estate market continues to attract high net worth individuals and foreign investors with its ultra-luxury properties. Dubai’s prime property market saw an increase in average prices by 11.29 per cent with a sales volume growth of 1.11 per cent quarter-on-quarter basis in the third quarter of 2022 to Dh21.9 billion, reflecting a continued market stabilization, according to Lux habitat Sotheby’s International Realty.
The real estate market in Dubai is expanding at a rapid pace. Over the recent year, market volatility in various countries has resulted in an upsurge in overseas UHNWI property purchases in the region. These residences are generating potential portals and supporting purchasing decisions based on the benefits of purchasing within Dubai, resulting in such individuals relocating not only their primary homes but also their businesses and investment portfolios.
The top three prime districts in terms of sales volume remain constant from the previous quarter, with Palm Jumeirah (Dh5.10 billion), Business Bay (Dh3.79 billion), and Downtown Dubai (Dh3.59 billion) proving to be the most popular places for prime property purchasers. A total of 7,552 properties were transacted in Q3 2022 in the emirate’s prime residential market, including 6,940 apartments, 316 villas, and 251 townhouses.
An apartment at the Bvlgari Lighthouse on Jumeirah Bay Island has been sold for a stunning Dh410 million ($112 million), making it the most expensive flat ever sold in the emirate. The nine-bedroom residence is 38,970 square feet in size, with a balcony/terrace measuring 13,066 square feet. Property Monitor, which delivers real estate data analytics, research, tools, and platforms to professionals across the sector, validated and confirmed the transaction.
The 27-story Bvlgari Lighthouse, which will be developed by master developer Meraas, will have four and five bedroom ultra-luxury villas with prices starting at Dh64 million. It will have 31 penthouses and the stunning three-story Sky Villa, which will feature nine bedrooms and a private 13,000-square-foot terrace overlooking the Arabian Sea and Dubai’s skyline.
This year, Dubai became one of the rare benefactors of global geopolitical issues. This year saw the largest inflow of private money as Russian entrepreneurs, investors, and top-level professionals sought new houses. Aside from the global financial crisis, the local real estate market benefited from Qatar’s hosting of the FIFA 2022 World Cup. Due to its reputation as a tourist attraction and regional financial centre, Dubai became the primary benefit outside of Qatar.
Areas featuring green spaces, such as Hadeeq Sheikh Mohammed Bin Rashid Part 2, popularly known as Dubai Hills, experienced rapid growth. They drew families who were bored of living near the bay or canals and wanted to be surrounded by parkland. Dubai Hills, for example, increased by 53% and now has an average price of Dh1,600,000.
