November 29, 2023

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Dubai’s Al Wasl and Water Canal areas emerge as metropolis’s new hotspots for $10m house gross sales

2 min read

At this charge, possibilities of $10 million house gross sales beating 2022’s full-year tally of 219 such offers are greater than rosy. “2023 is shaping as much as be one other report yr for this phase of the market,” mentioned Faisal Durrani, Companion – Head of Center East Analysis at Knight Frank. “The depth of demand for properties at this value level from native and worldwide UHNWI (ultra-high networth people) helps to drive up costs on this unique phase of the market.”

The primary quarter numbers affirm that purchaser curiosity on the prime finish of the Dubai property market is holding up fairly effectively. Money-ready transactions that includes abroad consumers are what continues to drive demand on this area. “Builders are speeding to supply new construct choices with supply in 2024-26 to cater to this curiosity,” mentioned an property agent. “There’s no level in losing time considering how lengthy this growth will proceed.”

The typical value per sq. foot on these $10 million and over properties closed Q1-23 at Dh7,235 per sq. foot – and that quantities to a 16 per cent improve on final yr’s common of Dh6,250 psf.

Three places – the Palm, Emirates Hills and Jumeira Bay – accounted for 64 per cent of the super-sized offers. However “different areas are additionally rising in prominence and are prone to be classed as ‘prime’ in the event that they proceed to entrench themselves as high-end neighbourhoods,” mentioned Durrani.

Outdoors of the Al Wasl-Water Canal stretch, Tilal Al Ghaf is the opposite location that has ‘rapidly joined the rising checklist of ultra-luxe neighbourhoods in Dubai’. Final yr, three properties right here offered for over Dh90 million and through Q1-23, seven villas fetched over $10 million, ‘strongly suggesting that Tilal Al Ghaf will quickly meet our definition for a first-rate neighbourhood’, in keeping with Andrew Cummings, Companion – Head of Prime Residential Gross sales at Knight Frank.

“Whereas the majority of worldwide UHNWI taking a look at Dubai are drawn to buying second properties on the coast, Tilal Al Ghaf has set a brand new benchmark for luxurious dwelling as an inland neighborhood. The scarcity of accomplished waterfront communities and the dearth of developments websites that may be simply activated means that such inland communities will proceed to develop in prominence.”

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