The real estate market in Dubai is experiencing a surge in $10 million plus home sales, with the Al Wasl-Dubai Canal area emerging as the latest hotspot. The area is becoming increasingly popular with wealthy investors, who are on the lookout for all available options. Developers are offering options outside of the usual prime locations, such as the Palm, Emirates Hills, and Jumeira Bay island, to cater to this demand.
According to reports, the Dubai property market recorded 88 deals of $10 million or more in the first quarter of 2023, resulting in sales worth a combined Dh6 billion. The market is showing no signs of slowing down, and experts predict that 2023 will be another record year for this segment of the market.
Buyer interest in the top end of the Dubai property market remains strong, with cash-ready transactions featuring overseas buyers driving demand in this space. Estate agents have revealed that developers are rushing to offer new build options with delivery in 2024-26 to cater to this interest.
Spending $1 million on property in Dubai’s prime neighborhoods – the Palm, Emirates Hills, and Jumeira Bay – gets the property buyer around 1,130 square feet of living space. Dubai is considered the 16th most ‘affordable-luxury’ market in the world, with $1 million buying three-times more prime residential space than cities like London, New York, or Singapore.
The average price per square foot on homes priced at $10 million or more closed Q1-23 at Dh7,235 per square foot, a 16 percent increase from last year. While the Palm, Emirates Hills, and Jumeira Bay accounted for 64 percent of the super-sized deals, other areas like Tilal Al Ghaf are quickly joining the list of ultra-luxe neighborhoods in Dubai. During Q1-23, seven villas in Tilal Al Ghaf fetched over $10 million, suggesting that it will soon be considered a prime neighborhood.
Experts predict that inland communities like Tilal Al Ghaf will continue to grow in prominence as waterfront communities are in short supply, and there is a lack of easily activated development sites.
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