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The Dubai real estate market witnessed the registration of 7 million transactions, the value of which exceeded the barrier of 100 million dirhams, during the first quarter of this year, and the areas of “Island 2” and “Al Wasl” acquired these deals. The highest of these deals came in “Island 2” with a value of 410 million dirhams, then two deals came with 160 and 119 million dirhams in the same area, and Al Wasl came in the fourth and fifth places through two deals worth 118 and 117 million dirhams, and “Island 2” returned in the sixth and seventh places. with a value of 116 million dirhams and 110 million dirhams, respectively. Thus, the total of the seven deals exceeds 1.15 billion dirhams.
The highest residential deal recorded by the real estate sector in the emirate during the year 2022 was a deal worth 600 million dirhams, which resulted from billionaire Mukesh Ambani’s purchase of a palace in the Palm Jumeirah.
It was also announced that a villa under construction was sold in Dubai worth Dh350 million, which makes it among the most expensive properties to be listed on the Dubai real estate market and is located on Jumeirah Bay Island. The Casa del Sol villa, which was developed by Alpago Real Estate, came in third with a value of 302.5 million dirhams, followed by another villa in Palm Jumeirah for billionaire businessman Ambani, with a value of 280 million dirhams.
As for the most expensive apartments sold in 2022, it came to the share of the “Atlantis The Royal” project within the “Palm Jumeirah”, with a value of 180 million dirhams and 163.4 million dirhams.
Dubai’s popularity is embodied in the abundance of options for owning luxury real estate among buyers who benefit from the remarkable growth and activity witnessed by the sector during the past two years after successfully overcoming the “Corona” pandemic. As the local market attracted a new generation of affluent residents to a group of homes that live up to their aspirations and desires.
The groups most in demand for luxury real estate in Dubai, according to the Financial Times, include Europeans looking for a sunny and low-tax life, bankers fleeing Corona virus restrictions in Asia, in addition to wealthy Indians looking for second homes and a long-term residency program; Dubai offers golden residency, as well as Russians seeking the few havens open to them since the war in Ukraine.
Unique Properties expected that prices will continue to rise in 2023, which indicates the possibility of an increase in the cost of prime real estate by 13.5%.
