Palm Jumeirah proved to be most popular area in Dubai for transactions in the super-luxury property market
A five-bedroom apartment in Omniyat’s One Palm was the most expensive property sold so far this year, according to new data from Dubai Land Department.
Property Finder revealed that the apartment, which spans 24,000 square feet, was sold off-plan for $20 million (AED74 million).
Emirates Hills, where the most expensive property was sold last year for $24.5 million, recorded the second highest property sale this year, with a six-bedroom villa spanning 17,800 sq ft, being sold for $17 million on the secondary market.
A five-bedroom Garden Home villa on the Palm Jumeirah’s Fronds was the third highest sale this year, fetching $14 million on the secondary market.
Lynnette Abad, director of Research and Data, Property Finder, said super-luxury properties in Dubai are bucking the downward trend experienced elsewhere in the emirate's property market.
“As property prices decline, both in the secondary and off-plan markets, coupled with motivated developers offering many different types of incentives, we are seeing more interest for luxury properties, especially from non-residents. In addition, we are also seeing an increase in enquiries for mortgages from non-residents,” said Abad.
Other properties that figured in the top five costliest property transactions in 2019 are a $12 million five-bedroom off-plan Il Primo apartment in the Opera District, Downtown Dubai, and a $12 million four-bedroom off-plan apartment at the Royal Atlantis Resort & Residences.
Properties in demand
Property Finder said Emaar’s Il Primo tower is witnessing good demand, with apartments in this under-construction project with views of the Burj Khalifa and Dubai Fountain seeing robust sales around the $11 million mark. Another five-bedroom off-plan apartment was sold for $11.5 million earlier this year.
Other communities seeing a lot of traction in super-luxury residential sales worth $11 million and above are Emirates Hills (secondary market) and Bulgari Resort & Residences (off-plan) in Jumeirah Bay.
Slightly lower, around the $9 million mark, there were two transactions so far in 2019 - $8.7 million for a Polo Homes villa in Arabian Ranches and another worth $9 million for a Palme Couture Residence (both in the secondary market). Property Finder added that the average price for a Polo Home in Arabian Ranches was 7 percent cheaper than the average in 2017.
Palm Jumeirah proved to be the most popular area in Dubai for transactions in the super-luxury property market, with a host of transactions reported in the $5.5 million range.
In the off-plan space, projects like The Alef Residences, XX11 Carat, Jumeirah Zabeel Saray and Bulgari Resort & Residences are fetching over $5.5 million for an individual unit sale.
In the secondary market, villas on the Palm Jumeirah Fronds continue to dominate. The average transacted price of a Garden Homes villa on the Palm this year is $3 million. This is 38 percent cheaper than the average transaction price of these units in 2017, which was around $4.8 million, according to the Research and Data team at Property Finder.
Jumeirah Golf Estates and Emirates Hills are also seeing some big-ticket transactions in the secondary market worth AED20 million ($5.4 million).
“Properties which were once considered overpriced have become more attractive as prices declined, therefore we are seeing enquiries increase in the more established, prominent and popular areas,” Abad added.