Today, after two years since the start of the pandemic, we can say that Dubai property prices have suffered no major losses. Although the demand was slightly down, online showings helped stabilize the city’s real estate market. According to the analytics agency Core, since 2021, an increase in sale has been observed. The most popular options are villas and detached houses. The highest growth rate of property sales reaching 10% comparing with the same period last year has been observed in The Springs and The Meadows. These communities offer luxury real estate are very popular among property hunters.
Our catalogue offers the very latest luxury property in Dubai.
Content:
- Property prices in Dubai
- Elite housing market
- Property offers in other areas
- Investing in luxury real estate
- Choosing property that is right for you
- UAE real estate market outlook
Property prices in Dubai
The location of a property directly affects its market price. The most expensive areas in Dubai are:
- Palm Jumeirah
- Emirates Hills
- Dubai Marina
- II Primo Downtown.
Properties closer to Dubai’s waterfront are more sought-after and therefore have a higher price tag.
Pricing
Even though some units are priced way too high, luxury real estate in Dubai is still far more affordable than similar properties in Europe. Dubai has been ranked as the third-most affordable housing market in the world, offering higher quality compared to similar options in other countries. The UAE is a relatively young country whose construction sector has boomed in recent years. Innovative technologies are used everywhere, and properties meet the latest interior design trends.
Elite housing market
Houses and villas have become extremely popular amidst a global pandemic as they allow you to enjoy the comfort of your home in the atmosphere of privacy. However, this is not the only viable investment option. Elite penthouses can also cost several million dollars, depending on the size and prestige of the building. According to the Emirates Business magazine, the demand for luxury real estate increased by 49% in 2020. This trend kept developing in 2021. According to the report by Luxhabitat Sotheby’s International Realty, property sales in the second quarter increased by 43.8% compared to the first quarter.
Burj Khalifa is one of the most expensive buildings in the city. It was finished in 2009. The mixed-use skyscraper includes residential space with multi-bedroom apartments and spectacular penthouses. Two-level apartments are the priciest ones.
Some of the following properties are for sale in the iconic tower:
- A penthouse currently on the market for more than $27 million. The spacious 1,949-square-meter property features four bedrooms and five bathrooms and offers stunning views of the city.
- A penthouse of 1,951 square meters with seven bedrooms and bathrooms priced at just over $24 million.
- A penthouse, which is the same in size as the above units, has a $22-million price tag.
Il Primo is a 77-storey residential building just a short walk from the legendary tower. The luxury apartments offer unobstructed views of the city from above. You can find penthouses priced at over $20 million there. Usually these are two-level apartments that take up the entire floor.
Property offers in other areas
- A $49 million penthouse can be purchased in a residential tower sitting on Dubai's man-made wonder Palm Jumeirah. The 2,343-square-meter unit is in the Atlantis hotel and features five bedrooms and six bathrooms. This luxurious residence also has a private beach.
- A mansion with picture-perfect views of Palm Jumeirah is for sale for $24.7 million. It features seven bedrooms and eight bathrooms and has a total area of over 1,100 square meters. With a private beach in a gated community, a private pool and a landscaped garden, this luxury estate seems to have it all.
- The palatial 3,000-square-meter mansion in Palm Jumeirah is going for $37 million.
- A villa in XXII Carat, a gated residence of 22 elegant villas in Palm Jumeirah, has 1,130 square meters of space and is offered for $25 million. Dubai’s best hotels and restaurants, with a wide range of entertainment and extensive infrastructure, are within walking distance.
These are just a few examples of apartments worth above $20 million. Check out the latest listings on our website.
Investing in luxury real estate
Investors usually opt for more affordable properties. There is certainly a lot of rental demand for cheaper homes. However, elite real estate looks no less attractive. There are obviously many advantages to investing in the luxury segment:
- Economic stability
- Independence from exchange rates
- Strong demand for housing among wealthy foreign property hunters.
Investing in high-value houses or apartments could translate to major resale value when you decide to list yours. This is a low-risk investment opportunity, especially if you are a foreign investor dealing with exchange rates.
Most expensive real estate deals
In 2020, a 3,900-square-meter villa in Dubai Hills was sold for $20.5 million, a record price for the year in the emirate. The second most expensive real estate transaction in 2020 was the sale of a villa in Emirates Hills for nearly $19 million.
The most expensive home in Dubai in recent years was sold in 2021. A 1,128-square-meter villa was bought for over $32 million. The super-prime home in the beachfront community spans a plot with a private beach, private pool and a landscaped garden.
Choosing property that is right for you
Once you know your needs, you are ready to look for your ideal property.
- Villa owners have all the opportunities of land at their disposal. You can design the interior in your preferred style and choose a luxurious garden or lawn. You have no direct neighbours, your own pool and other advantages of an individual home.
- Apartments and penthouses are an option for those who do not want to spend time and money on landscaping. Penthouses are private and never come with upstairs neighbors. Occupying the top of the building means having a separate entrance and an isolated upper floor.
- Large houses or mansions will become a worthwhile investment and an excellent solution for larger families. With enough space, multiple generations can also live comfortably under one roof.
Among the benefits of living in a condominium is access to commonly owned areas, from playgrounds to sports clubs. During construction, architects strive to accommodate all preferences of future residents and make housing as convenient as possible.
UAE real estate market outlook
According to Chris Whitehead, a managing partner of Luxhabitat Sotheby’s International Realty, the economic stability in the UAE attract investments from all over the world, especially from Europe, the UK and America. He also said that luxury property sales will keep growing next year. According to real estate experts, investment activity of property in the UAE will grow which is shown by the increase in property prices in Dubai. Although the increase is not that high, it is being observed for the first time since a few years.
Our agents will be happy to guide you through the real estate market in the United Arab Emirates and help you choose the property matching all your requirements. Our website offers a wide range of properties for all tastes and budgets. Find your ideal home at the best price with Dubai-Luxury.Property.
