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The Dubai real estate sector is at the very center of growth and activity of the rapidly urbanizing world. According to a Bloomberg report, local real estate prices surged by 89% over the past year alone. In the first half of 2022, the Dubai Land Department registered over 43,000 real estate transactions worth a total of over USD 31.3 billion.
The niche of Dubai luxury properties is setting new records. For instance, a deal on the most expensive mansion on the Palm Jumeirah archipelago worth USD 82 million has been closed here recently. In 2021, the most opulent penthouse was sold in Dubai for a staggering AED 85 million (USD 23 million).
Abdullah Alajaji, CEO and founder at Driven Properties (a real estate management agency), believes that the boom in the market will continue into the next year. Several outstanding projects will be launched over the next few months.
One of the key trends is now sustainable development. The UAE made a commitment to achieve carbon neutrality by 2050. The country is moving towards a greener future, so all developers must include corresponding solutions in their designs. The Master Plan of Dubai Development until 2040 stipulates comprehensive urban development based on sustainable principles.
Buyers also pay attention to this aspect. For instance, the recently announced residential project Sea Mirror on Jumeirah Bay Island is a great example of combining contemporary architecture and natural elements. It was sold out even before the official launch.
Location has always been the key driver in Dubai’s market of luxury properties. Aside from that, experts note that customers request comfort, design, floor area, and premium amenities. That is why Bulgari Resort and Residences and Jumeirah Bay Island as a whole are so popular. A land plot for residential development with the highest price per square foot ever recorded in the UAE (AED 12,624 / USD 3,437) has recently been sold there. The most expensive townhouse in Dubai’s history was also sold in this district not long ago.
Some projects on Palm Jumeirah archipelago proved to be extremely successful but Jumeirah Bay is still the most popular area. Customers choose it for the private and exclusive location, direct access to the beach, and unparalleled amenities.
