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Three locations in Dubai accounted for nearly half of total luxury unit sales in the prime property market segment last year.
These included with AED8 billion of luxury sales, central with AED7.9 billion of registered prime transactions, and with AED4.2 billion of total premium sales cost. In general, luxury property sales amounted for AED42.3 billion last year, according to luxury real estate consultancy Luxhabitat.
Such records might probably have been achieved due to by the average price per square foot in the luxury residential market, which was down by 3.72 per cent since 2018. “As for now, the average price per square foot in the overall Dubai luxury villas premium market is AED1,348 per square foot, and is AED1,736 for premium apartments,” the report said.
Consequently, lower prices generated greater sales volumes — about AED42.3 billion in 2019 compared with AED34.4 billion in 2018.
Where else in Dubai luxury sales make the best
As per latest data, apartments on the also made it up into the Top 10 of the most sought after luxury residences in Dubai in 2019. and the also recorded higher sales volumes since last year.
Overall, more than 1,454 villas and 16,522 apartments were sold in the premium property residential market in Dubai last year.
Secondary sales
In the secondary market only a slight drop down to AED19.3 billion from Dh19.5 billion was recorded for overall ready residential units sales last year. Among the most wanted areas for secondary transactions there also were MBR City (AED3.8 billion premium unit sales), Downtown Dubai (AED3.1 billion deals) and the Palm Jumeirah (AED2.7 billion sales).
Off-plan units in greatest demand
As for prime under construction, experts reported that sales in this segment last year "almost doubled" in transaction volumes, having whooped from AED14.7 billion in 2018 to over AED20 billion, which amounted for a 42 per cent increase. An increase in number of luxury off-plan units transacted in Dubai last year and an average price per such unit also rocketed by 38 per cent year-on-year amounting to AED1,761 per square foot. The average price for a prime off-plan villa increase to AED4.1 million and to AED2.5 million for an apartment.
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