Premium, expensive real estate in the Emirate of Dubai showed a rather weak growth in volumes in the first quarter of this year - by 1.03% compared to the fourth quarter of 2021, which is equal to 4.7 billion dollars.
At the same time, in general, prices for objects decreased by 6%. Thus, the average prices for luxury real estate dropped to $1.2 million. 5,258 luxury apartments and 742 villas were sold in the first quarter of 2022.
MBR City ($869 million), Palm Jumeirah ($844.7 million) and Downtown Dubai ($708.4 million) took the top three among the districts in terms of sales.
According to the growth rates of sales volumes, the following three districts should be noted:
- Jumeirah Island showed an increase of 2.2 times (from 24.5 to 54.8 million dollars).
- MBR City has grown 1.8 times (from 463.2 to 844.7 million dollars).
- Al Barari has grown 1.6 times (from 101.6 to 168.9 million dollars).
Villas remain a key commodity in the emirate market. Only off-plan objects directly from certain brands are able to compete with them.
It is on branded residences that the largest premium payments are spent (approx. additional payment to the real estate sale price). Prices for this product were kept in the first quarter of this year, on average, at the level of $ 19,930 per square meter.
The quarterly growth of the premium villa segment was 32.31%, reaching a volume of $1.6 billion. In the last quarter of last year, sales were at $1.1 billion, and the average price of the villa was 2.9 million.
Sales of apartments from the same segment decreased by 10% to $3 billion. The average cost of luxury apartments is currently $654,000, and a square meter cost about $4,200.
