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A new report by Luxhabitat analytical agency, which is engaged in studying Dubai real estate market in premium and super-premium property categories, revealed that most wealthy buyers in Dubai prefer Palm Jumeirah to other areas, but Downtown Dubai appeared to be the most expensive in terms of elite housing pricing.
During the first half of 2015, 48 transactions with premium real estate priced over US $ 1.36 million (AED 5 million) were concluded on the Palm Jumeirah manmade island in Dubai. The total value of properties sold here amounts to US $ 135.88 million. In Downtown Dubai 46 similar property sales transactions were registered in six months of 2015 totaling to US $ 93.13 million.
The report, compiled by Luxhabitat, is based on data collected by the agency itself and both provided by Reidin web portal and Dubai Land Department.
Total luxury property sales statistics for such areas as Dubai Marina and Jumeirah Beach Residence (JBR) shows that 40 apartments worth US $ 95.03 million in total were sold there in six months, and in Business Bay 14 deals with premium real estate worth US $ 30.23 million in total were registered during the same period.
Downtown Dubai, according to Luxhabitat, appeared to be the most expensive district in Dubai in terms of per square foot (psf) elite property cost, the total price of which exceeds US $ 1.36 million. The average psf property price here is about US $ 3,776. Psf luxury property cost in Palm Jumeirah, according to analysts' estimates, was 95% lower than that in Downtown Dubai. The average psf elite property price on the island, called "the center of now", is US $ 1,928.
