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Dubai's has traditionally been the first property search destination for demanding high-income buyers. But today the landscape of the elite real estate market in the emirate is changing.
Andrew Cummings, managing director of a Dubai property portal, said: “We are seeing a growing interest in some new communities that are starting to compete with traditional older ones. Disctrict One in is currently acquiring the status of one of Dubai’s most sought after luxury real estate destinations, with its Crystal Lagoon and great location near the city center attracting both local and international buyers.
In addition, the expert noted a healthy demand among luxury homes buyers in the area, as well as the demand for land plots in the La Mer project.
These new communities can delight buyers with an abundance of a wide range of amenities, from shopping malls to golf courses, meaning that interest in older areas will gradually decline.
“Emirates Hills is still the most sought after area with the biggest volume of premium real estate transactions recorded here during 2019,” Cummings added. “Moreover, in 2020, this community set a new record with a AED69 million villa sale, which turned out to be the most expensive transaction in the area during almost 18 months.”
Options for acquiring quality luxury housing
Other areas with quality luxury real estate include the already mentioned District One (where an AED90 million villa sale transaction was recently registered), Dubai Hills Estate (with an AED60 million villa sale on Hills Grove), (where a villa built on individual order on a J Frond was sold for an AED51 million), and (where a six-bedroom duplex in Il Primo was transacted for more than AED50 million).
is another promising area for elite housing. “Although this community is still in its early stages of development, demand will be high enough and Vida Hotel will lead this demand,” said Cummings.
Also, quite a lot of premium real estate buyers are looking at . “The city center is always the center, and it is unique, so the demand here remains constant. And the completion of new projects such as Address SkyView, Address Fountain Views, Vida Downtown and Boulevard Crescent just helped to breathe new life into the area, ”says the expert.
Meanwhile, Dubai Hills records growing demand for rent. “We are likely to see that this trend will continue in the near future due to the introduction of a huge number of new projects here, in accordance with the large-scale general plan for the area development, which includes all types of housing, from studios to mansions. If you are an investor or a first-time buyer in Dubai, or a representative of the international business community in search of the perfect mansion, then Dubai Hills is what you need. ”
Real estate options by the sea
La Mer is another new project that could potentially be a new attraction for luxury home buyers, with its community offering great options of land plots that meet the goals of many buyers — owning property in the heart of .
Sales conversion
Michelle Liddiard, deputy director at Luxhabitat, said that in the last quarter of 2019, the Dubai’s MBR (Mohamed Bin Rashid) City area fixed the highest sales conversion compared to other areas of Dubai.
Liddiard says luxury property buyers in Dubai today also choose Downtown Dubai and Dubai Creek Harbor. “New projects in Downtown Dubai are impressive, especially those located in the Opera District. They look great, especially against the backdrop of the famous singing fountains,” said Liddiard.
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