Sales volume in Dubai’s prime residential property market jumped 25% between the fourth quarter of 2020 and the first quarter of 2021, according to a report from LUXHABITAT Sotheby’s International Realty.
During the first three months of the year, 3,450 apartments and 586 villas were transacted, for a total volume of AED 11.6 billion (US$3.2 billion).
“There is a massive shift of wealth that has triggered an exponential increase in real estate transactions in 2021, compared to previous years,” said Chris Whitehead, managing partner at LUXHABITAT Sotheby’s, in the report, released on Friday. “We have seen a 30% to 50% increase in transactions on high-ticket properties within the company, and most of these transactions are happening in top-tier luxury communities.”
The top-three neighborhoods for sales volume were Palm Jumeirah, the iconic palm-shaped island, MBR City, home to the biggest mall in the world, and Business Bay near the city’s downtown. The Jumeirah Beach Residence area saw the highest growth quarter over quarter—sales volume was AED 916 million (US$249 million), more than twice as much as in Q4 2020.
The most expensive residence sold in the first quarter was a villa in Palm Jumeirah, which sold for AED 111.25 million (US$30 million).
Overall, the average price in the prime villa market was AED 8.1 million (US$2.2 million), a 3% increase from the previous quarter. The average price for prime apartments dropped slightly, declining by 6.32% quarter over quarter, down to AED 2.07 million (US$735,000).
Article Source: Mansion Global