December 11, 2023

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Dubai’s priciest areas – Jumeira Bay, Palm, Metropolis Stroll – preserve gaining on ‘per sq. foot’

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The acquire for the vendor on this deal? A straight out 147 per cent, in response to the portal.

It doesn’t finish there, additionally this month, Jumeira Bay oversaw two different property transactions valued at Dh11,000 plus per sq. foot. “Sellers who waited patiently to shut their offers on their plots/properties on Jumeira Bay are clearly getting what they needed,” stated a property guide. “No different location in Dubai is fetching these sorts of returns for now. Even different prime waterfront locations.

“Jumeira Bay saved the variety of properties and plots regular proper by way of – that’s why consumers are prepared to pay these kinds of premiums to purchase a house. Or construct one themselves.”

April positive has been an excellent month for Jumeira Bay – and the place, in February, a penthouse on the Bulgari Lighthouse landed a Dh410 million sale.

Based on knowledge, Palm psf is averaging Dh2,600 today, whereas the promoting worth tends to be round Dh3.7 million. The per sq. foot fee is up 16 per cent from a 12 months in the past.

The opposite location that’s doing constantly effectively from a psf foundation is the Metropolis Stroll, the place the typical is pushing previous Dh2,300, up 28 per cent, and the promoting worth is at a neat Dh3 million. In reality, Metropolis Stroll is holding the highest spot amongst Dubai’s best-performing areas based mostly on gross sales quantity.

“What’s clear from the primary 4 months’ knowledge is that there isn’t any drop in demand for Dubai’s priciest spots,” the guide stated.

One other upscale location in Dubai recording sizeable big-ticket offers is Tilal Al Ghaf from Majid Al Futtaim. Nearer to the Eid holidays, there have been purchases of prepared plots, of seven,220 sq. ft and going as much as 15,581 sq. ft, with worth tags of Dh11.3 million to Dh31 million plus, based mostly on DXBInteract numbers.

Within the current previous, Dubai Hills was one location that benefitted immensely from plot gross sales, one thing that was seen early into the property market bounce again beginning late 2020. Then got here Jumeira Bay and now Tilal Al Ghaf has tapped right into a wealthy vein of consumers wanting to construct their very own properties.

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