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Dubai real estate prices soar to over $20 million

Dubai real estate prices soar to over $20 million

Dubai property prices have suffered no major losses during the Covid-19 pandemic. Although the demand was slightly down, online showings helped stabilize the city’s real estate market.

Since the beginning of 2021, there has been an increase in sales, with villas and single-family homes in high demand. These are included in elite international real estate listings, so they are selling successfully.

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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 fit out according to the latest interior design trends are no exception.

Elite housing market

When one thinks of Dubai, luxury villas come to mind. And indeed, houses and villas have become extremely popular amidst a global pandemic. They are an option for those who want to minimize close contact with others while living in complete comfort. 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.

Completed in 2009, Burj Khalifa is the most expensive building in the city. The mixed-use skyscraper includes residential space with multi-bedroom apartments and spectacular penthouses. Meanwhile, 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.

There are also many listings that do not mention the price, however, the statement ‘Ask for Price’ is placed in the price field. Probably some real estate agents do not want to scare away buyers, counting on the success of in-person sales.

Worthy rival to Burj Khalifa 

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.

Other listings

  • 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 villa 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 housing demand.

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 living as convenient as possible.

UAE real estate market outlook

According to analysts, prospects for the property market in the UAE remain high. House prices in Dubai have risen slightly, marking the first increase for the past few years. Our agents will be happy to inform you about all the specifics of the real estate market in the United Arab Emirates and help you choose the property you want.

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