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Premium and super premium property sales went down in Dubai real estate sector in Q3, experts say. But there are still is high demand for exclusive properties. Read more to find out how much of the most expensive units were sold during this time.
Emirates Hills villa worth AED 90 million was the most expensive real estate transaction in Dubai in the third quarter of 2018. The second place in terms of transaction value went to the Burj Khalifa Downtown apartment sold for AED47.5 million, while the third position in this rating was taken by a AED34.25 million villa on the man-made island of Palm Jumeirah, according to data revealed by Luxhabitat analytical company.
In the third quarter of 2018, a total amount of AED 8.7 billion premium deals were concluded in the Dubai’s prime real estate market, which is 13.9 per cent lower from the previous quarter.
The top three luxury real estate sales areas included Jumeirah (a total of AED1.3 billion worth units sold), Downtown Dubai (AED1.2 billion worth transactions registered), and MBR City (AED1.6 billion sales). Dubai Creek Harbor was also in high demand among property buyers: the total value of real estate premium units sold here during the mentioned period was AED655 million dirhams. These figures are comparable to prime properties’ sales in the central area of Dubai Marina, where transactions in that market segment amounted to AED662 million.
According to experts, Jumeirah district emerged firmly to take the leading position in the avant-garde of luxury real estate sales, especially in the off-plan sector. Offers in this area have a strong influence on the investors’ choice.
The off-plan market in the Jumeirah today is dominated by such projects as Madinat Jumeirah Living, Jumeira Bay and Port de la Mer, due to which real estate in the area was best-selling in Q3, with 152 units sold totaling more than AED3 million.
At the same time, the maximum rental income among Dubai’s main residential areas today is offered by Jumeirah Lakes Towers, where rental yields reach an average of 7.52 per cent. It is followed by the DIFC with 6.29 per cent of average rental return, and Dubai Marina with 6.2 per cent of ROI.
And this is despite the fact that average rental price continued to decline across all the residential areas of Dubai. However, landlords are using more and more creative incentives to attract tenants, including a 13- months tenancy contracts, renovation and modernization of old properties, and short-term leases. Rental demand for luxury real estate (above AED400,000 per annum), however, remains stable and is expected to remain stable over the next quarter.
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