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Dubai’s Luxury Housing Market will Continue its Golden Run in 2022

Dubai’s Luxury Housing Market will Continue its Golden Run in 2022

According to Zoom Property Insights, the market is seeing a surge in Russian and Ukrainian buyers.

According to Zoom Property Insights, Dubai's luxury home market will remain in high demand in 2022. Transactions are up 30% year on year, with 4,083 transactions recorded in January alone. The average home price (per square foot) increased by 35.1 percent.

"The market as a whole will benefit from an influx of overseas investors, as there is an increase in demand from Ukrainian and Russian buyers as well," said Ata Shobeiry, CEO of Zoom Property.

Additionally, visa reforms, expat-friendly policies, and high profit-earning potential continue to attract investors from around the world, making Dubai a lucrative market for real estate investment, Shobeiry said. "The luxury property market will continue to rise in 2022, with more upscale buildings and projects on the horizon." As a result, wealthy foreign investors will become more interested in the sector.

Luxury homes are in high demand

Despite the pandemic challenges, the luxury housing sector experienced increased activity in 2021, with prices increasing by 40% compared to the previous year. In 2021, a record 93 homes valued at $10 million or more were sold, as average residential values increased 9.2 percent, with villas increasing 21.2 percent.

The top five luxury apartments sold in 2022's first quarter

During the first quarter of 2022, the most expensive apartment was sold for Dh73 million in Burj Khalifa Zone 4, Downtown Dubai. It was followed by a Dorchester Collection Dubai apartment in Business Bay. The ultra-luxurious apartment was sold for Dh69 million.

Following that, a high-end apartment at The Royal Atlantis Resort and Residences on The Palm Jumeirah was sold for Dh63 million. Luxury apartments in The Palm Jumeirah's W Residences Dubai and Serenia Residences Building B were sold for Dh57 million and Dh50 million, respectively.

The top five luxury villas that have been sold

During the first quarter of this year, the Palm Jumeirah sold the most expensive villa for Dh87 million. On Island 2, another villa worth Dh30 million was sold. Luxury villas in Dubai Hills Estate, Nad Al Sheba Third, and Al Hebiah Fourth were sold for Dh29 million, Dh22 million, and Dh10 million, respectively.

Belleview Real Estate announced on Thursday that it had sold a Palm Jumeirah villa for a record-breaking price of Dh280 million. The previous long-standing record – Dh185m – had stood since 2015.

Source: Gulf News

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