Where in Dubai are people buying prime property most?

  DUBAI – While the overall residential estate market took a further 13 percent slump over the last quarter, the prime residential real estate market remained stable with a slight .3 percent increase in sales, latest data showed. So where in Dubai are people buying prime property the most? Dubai Marina, according to REIDIN and Luxhabitat. Dubai Marina emerged as the top performing area, with over 356 transactions. The reason for this? Price drop. Prices per square feet in the area has declined from the last quarter by 7 percent. No wonder people are buying, said Jason Hayes, head of new developments at Luxhabitat. “I am delighted and not at all surprised to see prime market sales volume up by 0.3 percent. This figure may not be seen as staggering growth but it clearly demonstrates stability in Dubai’s prime market. Q2 has seen some prime new developments released to the market and investor appetite has proven to be robust,” Hayes said. He cited a few developments, such as Emaar’s 52/42 which “has proven to an incredible success with over 90 percent of the development sold out.” Prime residential properties are those properties that lie on the high-end spectrum of the Dubai residential market. There are 10 key areas that form part of this classification; Arabian Ranches, Downtown Dubai, DIFC, Dubai Marina, Emirates Hills, Jumeirah, Jumeirah Beach Residence, Jumeirah Islands, Palm Jumeirah, The Lakes, Springs and Meadows, & Victory Heights. Hayes also pointed out fast sales in the Dubai Hills Estate Development at Mohammad Bin Rashid City, with projects such as Fairways Vistas selling out. “These successful launches clearly demonstrate the market demand for quality luxury off plan developments. Downtown projects continue to stall but I envisage an uplift in transactional activity Q3 and Q4 once Dubai’s new world class opera house opens and people gain a better understand of the opera district and its cultural offerings,” he said. Daniel Garofoli, Luxury Sales Specialist of Luxhabitat comments, “Apartment prices per square feet for properties in quality towers,with the best layouts and views is stabile. The fall of the price per square feet of the overall market is cause by investment units, 1 with low floors and courtyard or no good view. These are selling for any price at the moment. However, buying in a supreme location always gets you the money back and the return on investment per year.” The second highest ranking area in terms of number of transactions is Downtown Dubai with 169 transactions. If you’re looking to buy in Downtown, now may be the time with prices trading below 2013 levels at Dh2,142 per square feet. In terms of the Palm Jumeirah, the area sales remain robust with an increase in price per square feet of 13 percent from Dh1,905/square feet to Dh2,160 per square feet. The Palm also reported the highest volume of sales at Dh558 million. The villas on the Palm average atDh 2,709 per square foot, whereas the apartments are sold at Dh1,612 per square foot. For the Emirates Living areas that encompasses The Springs and the Meadows, The Lakes and Emirates Hills, Luxury Sales Specialist Sally Ann Ghai said that the prices for these properties have bottomed out. “More confident buyers have already spotted the bargains and made their purchases. While less experienced end users - who are simply buying a home to live in - do behave more cautiously. Recently, people seem to be more convicted that the next few months will be their optimum time to buy, and Q2 market reports appear to support this sentiment,” Ghai said. Not all sellers are prepared to enter the market while prices are low, and as transactions increase, the supply of well priced property in the area will surely reduce, Ghai said. “While favourable exchange rates continue to support sellers relocating to Europe, and may help to protract the bottom of the market, I do foresee a fairly solid performance in Emirates Living to the end of the year, and successful buyers should soon feel validated that they made their decision to buy at the right time,” she said. 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