Dubai Real Estate Sets A New Price Record



Dubai's luxury real estate market has been setting new records despite the ongoing COVID-19 pandemic.

Dubai's luxury real estate market has been setting new records despite the ongoing COVID-19 pandemic. The emirate has become a hub for the super-rich to store their assets, with apartments and townhouses in famous projects like Four Seasons, Bulgari, and Cavalli being snapped up.

This week, an individual spent a whopping 203.1 million dirhams, which is equivalent to more than $55.3 million, to buy a 5-bedroom apartment at the Baccarat project. What makes this purchase unique is that the project has not even broken ground yet.

Dubai Real Estate Sets A New Price Record

According to Luxhabitat Sotheby's International Realty, the transaction had the highest unit price per square foot ever recorded for an unfinished unit, with an amount of up to 14,000 dirhams/sqft or more than $41,000/m2. This transaction broke the previous record of 13,751 dirhams/sqft set in February 2022, when a five-bedroom apartment in the Bulgari Lighthouse was sold.

Dubai's luxury real estate market owes its boom to the super-rich getting richer amidst the pandemic and Russians pouring money in the region as a safe haven after the conflict with Ukraine broke out. In October 2021, luxury real estate prices in Dubai had increased by 89% compared to the same period in 2021. The recovery of the market was surprising, with villas in the Four Seasons Residences project that were purchased for about 40 million dirhams in 2021 now priced at approximately 100 million dirhams.

Data shows that the total value of luxury apartments sold in Dubai in 2022 has reached $6.8 billion, accounting for almost a fifth of the value of all apartment deals in the city. Real estate developers are also looking to collaborate with luxury brands as they can sell apartments for 30% more than conventional projects. Brands are usually paid a commission per transaction plus an annual management fee.

Savills' report released this week shows that Dubai has overtaken South Florida to become the region with the most luxury real estate in the world. The city currently has nearly 40 branded projects, with dozens of other projects announced and expected to be built from now to 2030.

Despite the ongoing pandemic, Dubai's luxury real estate market remains strong and continues to set new records. With the city's reputation as a hub for the super-rich and investors constantly pouring in, it will be interesting to see how the market evolves in the years to come.

Dubai Real Estate Sets A New Price Record

Support Ogusyis by making a contribution – no matter how small.


Enter your amount
£
Enter your amount
£
Enter your amount
£
Yourname
Email
Phone


Portugal Housing Prices Rise Slows to 7% in Q1: INE Data

According to the National Statistics Institute, Portugal housing prices increased by 7% in the first quarter, marking a slowdown compared to previous quarters.

According to the National Statistics Institute, Portugal housing prices increased by 7% in the first quarter, marking a slowdown compared to previous quarters.

Read more

New Zealand’s Housing Market Sees 4.4% Rise in Median National Rents

Latest data from Tenancy Services reveals a steady increase in national median rent to $600 a week, marking a 4.4% rise compared to the previous year.

Latest data from Tenancy Services reveals a steady increase in national median rent to $600 a week, marking a 4.4% rise compared to the previous year.

Read more

Residential Property Prices in Ireland Surge, Exceeding 2007 Peak

New data from the Central Statistics Office reveals that residential property prices in Ireland have soared, surpassing pre-recession levels by nearly 10%.

New data from the Central Statistics Office reveals that residential property prices in Ireland have soared, surpassing pre-recession levels by nearly 10%.

Read more

U.S. Home Sales Decline Amid Record Prices and Rising Mortgage Rates

U.S. existing home sales continue to drop for the third month in a row due to record-high prices and increasing mortgage rates, but a surge in housing inventory offers hope for potential buyers.

U.S. existing home sales continue to drop for the third month in a row due to record-high prices and increasing mortgage rates, but a surge in housing inventory offers hope for potential buyers.

Read more

Canada’s Housing Market Weakens in May Amid Anticipation of Bank of Canada Interest Rate Cut

The benchmark price of a home in Canada fell 0.2% in May to $714,300, with prices down 2.4% from last year. Will the upcoming interest rate cut provide relief for buyers?

The benchmark price of a home in Canada fell 0.2% in May to $714,300, with prices down 2.4% from last year. Will the upcoming interest rate cut provide relief for buyers?

Read more

Spanish Island and Coast House Prices Return to 2008 Levels

Discover how house prices on Spanish islands and coast have surged, nearing 2008 highs with an average 3.3% rise in May.

Discover how house prices on Spanish islands and coast have surged, nearing 2008 highs with an average 3.3% rise in May.

Read more

Discover Spain's Top Neighborhoods for Foreigners

Discover Spain's top neighborhoods for foreigners and explore the most sought-after locations for property investment. Start your search for the perfect home in Spain today!

Discover Spain\'s top neighborhoods for foreigners and explore the most sought-after locations for property investment. Start your search for the perfect home in Spain today!

Read more

27% of Canadian Renters Ready to Buy | Royal LePage Study

Discover the latest findings from the Royal LePage study, revealing that 27% of Canadian renters are ready to overcome financial hurdles and purchase a property within the next two years.

Discover the latest findings from the Royal LePage study, revealing that 27% of Canadian renters are ready to overcome financial hurdles and purchase a property within the next two years.

Read more

Australia Real Estate Prices Set to Soar in Two-Speed Market

Get the latest forecast on Australia real estate prices, with record growth expected in most markets but varying rates of increase.

Get the latest forecast on Australia real estate prices, with record growth expected in most markets but varying rates of increase.

Read more

Copyright © Ogusyis. All rights reserved. The Content may not be copied, distributed,  republished, uploaded, posted or transmitted in any way without the prior written consent of Ogusyis.