According to a popular analytical portal LuxHabitat, premium residential real estate market in Dubai has managed to keep its positions despite the global political shock after Brexit. The most demanded in the Dubai market, Dubai Marina real estate units are still number one search in the list of requests for high-end property offers.
LuxHabitat has revealed these data in its latest Q2 2016 report on the state of Dubai premium real estate market created in cooperation with Reidin. As a result, five Emirate’s locations named as the most popular among premium real estate buyers.
The top five most wanted areas includes Arabian Ranches, Downtown Dubai, DIFC, Dubai Marina, Emirates Hills. But locations like Jumeirah, Jumeirah Beach Residence, Jumeirah Islands, Palm Jumeirah, The Lakes, Springs and Meadows and Victory Heights won’t backwater either when it comes to the demand for luxury housing.
However, the first place in popularity rating among all Emirate’s areas still belongs to Dubai Marina, in all senses. The report by LuxHabitat presumed that the reason for such enduring demand for high-end apartments in this residential cluster is its most convenient location, spectacular views of the Creek from the windows of most of the apartments, as well as proximity to other popular areas like Dubai Media and Internet City, and, of course, developed transport links present here.
356 luxury real estate transactions were concluded in Dubai Marina in Q2, i.e. in the last two months. And what was the most exciting, but not really surprising about it for Jason Hayes, Head of new developments in LuxHabitat, was the increase in average number of elite housing transactions in Dubai by 0.3 per cent during this period. Perhaps this was both due to a 7 per cent decline in sector prices compared with the previous quarter.
Palm Jumeirah manmade island stood out against other elite areas in the number of deals with premium property having increased 10 per cent for apartments and 6 per cent for villas. Home buyers spent AED 558 million on the archipelago real estate in Q2 — more than in any other area of Dubai, though islands’ high-end units are more expensive on average. But Downtown Dubai is not too behind on the number of deals: 169 property transactions recorded here in the second quarter of the year.
Thus, despite the gloomy general mood, people keep actively buying property in Dubai, especially quality and prestigious real estate units. Daniel Garofoli, luxury sales specialist of Luxhabitat, believes even that a drop in prices per square feet at the overall market is caused by damping prices for investment units, such as 1 beds with low floors and courtyard or no good view, etc.