Dubai real estate sector lies at the centre of growth and economic development of the UAE. Seeing the previous and current year’s numbers of transactions, the growth is proven. As per the Dubai Land Department (DLD), more than 43,000 properties were sold, worth $31.3 billion, in the first half of 2022. And according to a report by Bloomberg, prices of properties for sale in Dubai have risen by 89 per cent, in 2022 as compared to 2021.
Dubai’s luxury real estate – A star performer
The luxury segment of Dubai real estate sector has proved to be outstanding in 2021, as it exhibited exceptional performance. It is also witnessed that Dubai’s most expensive waterfront villa worth $82.2 million sold on Palm Jumeirah, along with a number of several other high profile properties. This niche is expected to continue to boom in the year ahead.
A majority of premier property developers also intend to take benefit of this trend, as we can see a few outstanding developments recently launched by them. For instance, Omniyat launched ORLA at Palm Jumeirah – Dorchester Collection, Ritz Carlton Residences announced MAG of Life and Burj Binghatti in Dubai will be the world’s tallest residential skyscraper upon completion.
Dubai’s luxury real estate – Eyeing a record-breaking 2023
The prime residential sector of Dubai real estate has exhibited a stellar show in 2022, backed by demand from local and foreign high-net-worth individuals. And backed by the recent performance, when Dubai Real Estate touched the AED30 billion mark this November, we can say that the prices across the prime segment are set to experience the strongest growth globally in 2023.
According to a report published by Knight Frank, a leading global real estate consultancy firm, the prices are set to increase 13.5 per cent next year, as more and more prospects are expected from international markets and currently, high-net-worth individuals are showing keen interest in prime properties for sale in Dubai.
Dubai’s prime neighbourhoods including The Palm Jumeirah, Emirates Hills and Dubai Marina make it stand high on the list of interested customers. Miami secured the second spot with a forecast of an annual percentage spike of 5 per cent, followed by Dublin, Los Angeles and Lisbon, respectively.
A Palm Jumeirah villa sold for AED130 million
Palm Jumeirah Dubai is one of the first picks for high-net-worth individuals to buy prime properties in Dubai. And the latest data from the Dubai Land Department confirms it, as the top transactions for both individual land sales and properties are for Dubai’s largest man-made island – Palm Jumeirah. The top three transactions for apartments and villas for sale in Dubai were also for a villa that was sold for AED145 million, followed by an apartment sold for AED81 million and 62 million, respectively. All these properties are located in Palm Jumeirah.
Notably, Palm Jumeirah is one of the 4 neighbourhoods that promise high returns on investment in Dubai and the results continue exhibiting it through transactions. Recently, millions of dirhams have been invested in a prime villa for sale in Palm Jumeirah.
Alpago Properties confirmed sale on Billionaire’s Row
Alpago Properties announced that its signature villa – Riva Del Lusso is grabbed for AED130 million. Frond G of Palm Jumeirah – popularly known as the Billionaire’s Row is home to some of the expensive villas sold in Dubai. A signature villa developed by Alpago Properties became the most expensive to be sold in Dubai after it went for Dh302.5 million, surpassing the previous record of Dh280 million.
Palm Jumeirah’s Billionaire Row offers premium properties at the best price as compared to other established markets of London and New York. Aren’t these proofs enough to suggest that 2023 will be a lot more promising for Dubai’s luxury real estate segment?
Key Features of Riva Del Lusso
It is a 10,000 sq. ft. beachfront signature villa that offers mesmerizing views of Royal Atlantis, the Atlantis and the Arabian Gulf. It features:
- Five bedrooms and seven bathrooms
- Exclusive and private beach access
- A private swimming pool
- A private dedicated basement parking
It is one of the very few villas that has customized underground parking that house six cars. The villa is completed and is ready to move in.
Murat Ayyildiz, chairman Of Alpago Group, said: “The sale of Riva Del Lusso is another massive milestone in our journey to becoming the go-to company for high-end real estate in the UAE, after the sale of the double signature villa for Dh302.5 million this year. We always aim to launch and offer stylish residential properties with world-class amenities, specially tailored to accommodate the flawless Dubai lifestyle, and Riva Del Lusso fits this mould perfectly.”
It is not wrong to state that Billionaire’s Row has more signature villas than anywhere else in Palm Jumeirah. It seems like Dubai’s prime properties have become a hot segment of Dubai’s growing real estate market. We can confirm this interest after receiving huge interest from potential buyers for Omniyat’s recently announced project ORLA at Palm Jumeirah.
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The prime properties’ prices are fuelled by Dubai’s safe haven status, strong infrastructure, and growing economy and are backed by a steep spike in interest by a large number of high-net-worth individuals searching prime properties in Dubai.
If you are also looking for luxury properties for sale in Dubai or intend to invest your hard-earned money in affordable properties in this emirate, call us today at +971 4876 2473 or can also write us at info@hfre.ae. We assure you that one of our representatives will be there to help you make a well-informed investment decision.
