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In total, 681 apartments and 818 villas were transacted in Q2 2021 in the Dubai prime residential market.
According to an analysis issued by Luxhabitat Sotheby’s International Realty, Palm Jumeirah dominates the list of the most popular prime residential areas among property buyers, with seven out of 10 most expensive transactions taking place on the island in the first half of 2021.
The first four costliest properties were transacted in Palm Jumeirah, their prices ranging between USD 32 million and USD 24 million. The fifth most expensive transaction took place at Bulgari Resort on Jumeirah Bay Island, where a villa was sold for USD 23 million.
The sixth transaction also involved a villa on Palm Jumeirah costing USD 22 million. It is followed by a USD 19 million property sold in Emirates Hills.
The eighth and ninth most expensive deals were also concluded on Palm Jumeirah for two villas. The 10th costliest villa was sold for USD 18 million in Emirates Hills.
The analysis covered prime areas like 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.
'The post-Covid-19 resilience of UAE’s economy is attracting immense wealth from across the world and especially from Europe, England and America. This exponential growth in high-net-worth end-user buyers is here to stay and it will increase the demand for luxury sector properties through 2021 to next year,' said Chris Whitehead, managing partner of Luxhabitat Sotheby’s International Realty.
Overall, 681 apartments and 818 villas were transacted in Q2 2021 in the Dubai prime residential market with a sales volume reaching USD 4.5 billion, which is an increase of 43.8 percent in sales volume.
The top five areas in terms of sales volume in Q2 were Palm Jumeirah (USD 1.1 billion), MBR City (USD 661 million), Downtown (USD 656 million), Dubai Marina (USD 430 million) and Emirates Living (USD 389 million).
The prime villa market remained stable with an average price of USD 2.1 million in Q2, about 1.65 percent lower than in the previous quarter. However, the sales volume for prime villas in Dubai have increased by over 48 percent from the previous quarter and reached USD 1.6 billion, which indicates a strong buyer interest in villas continuing from last year and Q1.
As for apartments in the prime areas, the sales volume surged by 25 percent to USD 2.2 billion. An average price of a prime apartment now stats from USD 571,755.
