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Prime residential market in Dubai grows by 22% in 2019

Dubai property market

Deals for prime properties in Dubai amounted to Dh42.3 bn in 2019, compared to Dh34.4 bn in 2018

The market for prime residential property markets in Dubai has witnessed a growth of around 22 percent in 2019, when compared to the previous year, according to a report by high-end property broker Luxhabitat.

Deals for prime resident properties worth Dh42.3 billion were carried out in 2019, compared to Dh34.4 billion in 2018.

According to the Luxhabitat report, around 1,454 villas and 16,522 apartments were sold in the prime residential property market in Dubai in 2019.

However, the average price per square foot in the overall prime residential market came down by 3.72 percent. The drop in price per square foot may have contributed to the growth of the property market.

The report said, “Currently, the average price per square foot in the overall prime market for villas is Dh1348 per square foot and for apartments is Dh1,736.”

Areas in which these prime residential properties were sold include Al Barari, Arabian Ranches, Downtown Dubai, Dubai Marina, Emirates Hills, Jumeirah, Jumeirah Beach Residence, Jumeirah Bay, Mohammed bin Rashid city, Jumeirah Golf Estates, Jumeirah Islands, Jumeirah Lakes Towers, Palm Jumeirah, The Lakes, Meadows, and Victory Heights.

The report further reveals that Mohammed Bin Rashid City recorded deals worth Dh8 billion. While properties in Downtown were sold for Dh7.9 billion, around Dh4.2 billion worth of prime properties were sold at the Dubai Creek Harbour, 

Volumes in the secondary prime property market in Dubai also witnessed a slight drop to Dh19.3 billion from Dh19.5 billion. The three most popular areas for the secondary market were MBR City, Downtown and the Palm.

In the first nine months of the year, a total of 32,822 residential units in the freehold and non-freehold communities were completed in Dubai.

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