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Ultra-luxury Dubai housing in is still in high demand, a new study from CBRE has revealed. Read more for where most expensive property units were sold in Dubai in Q1 2019.
A 833 sqm villa, situated on the man-made island of was the most expensive property sold in Dubai in the first quarter of 2019, a recent report by CBRE said. It brought USD13.88 million t0 the seller (AED50 million).
According to Luxhabitat, a company that deals with luxury real estate in Dubai, the second same-sized most expensive villa, situated in Umm- Suqeim area of Dubai, was sold for only AED1 mln. less, i.e. for AED50 million (USD13.62 million).
Besides the villas, the most expensive real estate properties sold in the first quarter of 2019 in Dubai were three luxury apartments, all located in the Il Primo Apartments complex in Downtown Dubai. These apartments, with a total built-in area of 1059 sqm each, were sold for USD11.84 million (USD43.5 million), USD11.67 million (AED42.9 million) and USD11.65 million (USD42.8 million), respectively. According to Luxhabitat, the average price per square meter of luxury real estate in Dubai increased in the first quarter, albeit only by 2.5 percent.
For its part, CBRE consultancy stated in its latest report that the average property price in Dubai at the moment is USD548,338, which is cheaper than similar units in Hong Kong, London, New York, Singapore, Paris, Sydney and other major cities, although according to the report for previous period from the same company, the average property price in Dubai was USD404,926.
Luxhabitat’s analysis data also revealed that 1,737 villas and 6,194 apartments were sold in Dubai in Q1 2019, while sales at the secondary market have reached USD5.533 billion (AED20.4 billion) compared to USD5.036 billion (AED18.5 billion) in the Q4 of 2018, resulting in an increase of 10 percent.
Luxury real estate sales in Dubai in Q1 o2019 amounted to USD2.885 billion (AED10.6 billion) in value terms, which is a full 44 per cent more than in the previous quarter.
The top three Dubai areas in terms of sales volume were (where real estate worth USD626 million in total was sold), (USD571 million) and (USD326 million).
Off-plan property sales directly from developers also increased by 28 percent compared with the previous quarter, according to Luxhabitat, and amounted to USD2.01 billion. Almost five times more transactions were recorded in the area, compared to the previous quarter, while sales total cost there reached up to USD150.8 million.
In the off-plan villas sales market, the total value of properties sold increased by 61 per cent, while the number of homes sold more than doubled. Apartments from developers were also sold more often in Q1 2019 — sales increased in value by 10 per cent and reached USD2.368 billion.
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