Ultra high net worth investors in prime areas drive almost two-fold increase in average apartment prices

Ultra high net worth investors in prime areas drive almost two-fold increase in average apartment prices

- Prices per square feet were highest in Jumeira Bay by a significant margin. Lack of availability pushes average prices by 70 % in Jumeira Bay, with apartment prices in the area increasing by 297%

- Palm Jumeirah, MBR City and Business Bay are primary growth centres in Q4 2022 in terms of sales volumes

- Investors show a continued preference for large apartments with a growth of 32.39% in terms of units sold

- An average prime area apartment covers a built-up area of 4367 sq ft with the average cost of a prime area apartment jumping by 93.37% over the past quarter

- Prices of villas fall by 29.75 %

Dubai, United Arab Emirates: According to analysis of data from the Dubai Land Department by LUXHABITAT Sotheby’s International Realty, Dubai’s prime residential market witnessed transactions worth AED 30.7 billion in Q4 2022, reflecting a volume growth of 39.62% QoQ (quarter-on-quarter) over Q3 2022. Growing by 8.72 % QoQ, average price of property in prime areas was AED 6.9 million with 9836 units sold. The number of units sold also grew by 30.24% QoQ in prime areas.

Average price was highest in Jumeira Bay at AED 6966 per sq ft and the average price of