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Owners of luxury real estate in Dubai are postponing the sale of houses, as they expect an additional increase in prices in prestigious areas by 10-15%. In January 2022, a 30% jump in transactions with luxury properties was already recorded in the emirate: a total of 4,083 transactions took place.
Besides, prices in the luxury real estate market have increased significantly — by 35.1% per square meter. It grew the most in elite areas, including Palm Jumeirah, Jumeirah Bay, District 1 and Dubai Hills.
According to the report of Dubai Land Department (DLD), on Tuesday, April 5, 336 purchase and sale transactions worth 995.74 million dirhams and mortgage transactions worth 81.04 million dirhams were registered in the Dubai real estate market, in addition to 8 gift transactions worth 46.39 million dirhams.
The sales included 282 villas and apartments worth 619.88 million dirhams and 54 land plots worth 375.86 million dirhams, while mortgage loans included 47 villas and apartments worth 68.47 million dirhams and eight land plots worth 12.56 million dirhams, bringing the total volume of real estate transactions to date exceeded 1.1 billion dirhams.
On April 6, 2022, a custom-built ultra-luxury mansion in Palm Jumeirah was sold for 280 million dirhams to an unnamed buyer, making this the most expensive real estate deal in Dubai. The previous record of 185 million dirhams has remained unchanged since 2015.