Dubai Prime Residential Market Report for Q1 2022

Dubai's premium residential market had a little increase in volume in Q1 2022, up 1.03 percent quarter on quarter to AED 17.28 billion. The premier residential sector also saw a 6% decline in pricing, with the average price of premium property being at AED 4.5 million. 

In Q1 2022, the Dubai premium residential market transacted 5,258 apartments and 742 villas, according to a research by LUXHABITAT Sotheby's based on data from the Dubai Land Department. 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 were included in the analysis of Dubai's prime residential market areas.

Mohammed Bin Rashid City (AED 3.19 billion), Palm Jumeirah (AED 3.10 billion), and Downtown Dubai (AED 3.10 billion) were the top three locations in terms of sales volume (AED 2.6 billion). In the prime residential market, the Jumeirah Islands area experienced a 2.2x increase in sales from AED 90 million to AED 201 million, followed by Mohammed Bin Rashid city (a 1.8x increase in sales from AED 1.7 billion to AED 3.1 billion) and Al Barari (a 1.8x increase in sales from AED 1.7 billion to AED 3.1 billion) (1.6x growth in sales from AED 373 million to AED 620 million).

"The present market has witnessed an increase in engagement from clients in continental Europe. Shell and core villas are among the most sought-after properties for end customers to personalise. Second only to off-plan branded apartments, which are commanding the highest premiums ever recorded, commanding up to AED 6,800 per square foot."

LUXHABITAT Sotheby's International Realty Managing Partner Chris Whitehead agrees.

5 Best Prime Residential Areas in Terms of Sales Volume

MARKET OF THE PRIME VILLA

The premier villa market had a 32.31 percent rise in volume on a quarter-on-quarter basis, suggesting higher villa acquisitions totaling AED 6.1 billion. The latest quarter showed a sales volume of AED 4.1 billion, with an average villa price of AED 10.6 million. AED 9.6 million is the current average transaction price for a villa in Q1 2022. Mohammed bin Rashid City (AED 1.7 billion) is the most popular place for villa transactions in Q1 2022, followed by Palm Jumeirah (AED 1.2 billion) and Emirates Living (AED 1.2 billion) (AED 1.08 billion).

Top 10 Residential Transactions in Q1 2022

MARKET FOR PREMIUM APARTMENTS

Apartment sales volume declined 10% to AED 10.9 billion. The typical top apartment currently costs about AED 2.4 million, or around AED 1,431 per square foot. Downtown Dubai (AED 2.6 billion), Business Bay (AED 2.3 billion), and Palm Jumeirah were the most popular neighbourhoods for apartment purchases (AED 1.8 billion).

LUXHABITAT is one of the top ten deals in Q1 2022. Sotheby's International Realty is pleased to announce the sale of Sector L's Emirates Hills Villa for AED 75 million. 

Leigh Borg, Managing Director, sold the lovely property in 2021 and resold it in 2022. The home was created by renowned architects KOBI KARP and has a built-up area of 30,000 square feet. The atrium has a beautiful chandelier with over 500 hand-blown glass spheres and crystal butterflies conceived and completed by Preciosa lighting, as well as a 50-year-old Bonsai tree. Each component of the home was meticulously planned and executed by expert designers, using high-end finishes, artisan materials, and custom-made furniture.

Sotheby's International Realty's LUXHABITAT

LUXHABITAT is headquartered in Dubai. Sotheby's International Realty is a luxury real estate firm specialising in residential and commercial luxury sales and leasing, luxury property management, institutional investments, and luxury project development in the UAE and internationally. LUXHABITAT Sotheby's International Realty is responsible for marketing and sales throughout the whole GCC area on behalf of the Sotheby's International Realty brand and LUXHABITAT, a design-led real estate marketing and technology firm. 

Together, we have grown to become the largest and most powerful marketing and sales platform for luxury real estate in Dubai, establishing us as the market's leading luxury real estate brokerage. We are committed to locating the finest properties in prestigious residential areas such as Emirates Hills, Palm Jumeirah, Al Barari, Jumeirah Islands, Jumeirah Golf Estates, Meadows, Lakes, and Arabian Ranches, as well as the finest apartments and penthouses in upscale buildings such as Le Reve, Index Tower, Six Towers, Burj Khalifa, and The Address Hotels. Visit their award-winning website at www.luxhabitat.ae for further information.