Dubai real estate market ended 2024 with a remarkable performance ever, however when it comes to the sale of super-luxury homes, the numbers look even more appealing.
6 Dubai luxury homes recorded a value of Dh1.33 billion plus, with the high-priced deal being a 5-bedroom ready made apartment on the iconic archipelago of Palm Jumeirah that solely fetched Dh275 million, according to a Dubai Land Department data, provided by the renowned real estate developer; Allsopp and Allsopp.
The second and third place was taken by a Dh240.5 million off-plan villa on Jumeirah Bay Island and Dh216 million for yet another villa, on the iconic development of Palm Jumeirah.
A total of 6 residences were sold for Dh200 million or more than that during 2024, with the first Palmaccounting for four of them, Jumeira Bay having one, and Dubai Hills Estate being the other entrant.
Palm Jumeirah and Jumeira Bay island dominate the rankings, but there are some surprises too – a Dubai Healthcare City 2 based in-development villa connected with a seller for Dh165.62 million. The apartments near the Dubai Water Canal and in Business Bay also fetched Dh140 million and Dh139 million, respectively.
According to a statement by a real estate agent, “The values fetched by the Top 10 or even Top 20 Dubai homes in 2024 give enough reasons for developers to pursue creating more super-luxury residences. We are seeing those on Palm Jebel Ali, Dubai Islands even with ‘mansions’ in Dubai South.”
“Dubai is ready for new super-premium homes and locations that can follow the path of the original Palm, Emirates Hills and Jumeira Bay island,” he further added.
The community of Dubai Hills Estate is certainly doing that, with 3 spots in the Top 19 sales, with the highest pricing being Dh200 million and two others getting Dh145 million per piece.
Real estate developers; Omniyat, Azizi, and MAG raise the bar higher
Some of the residential buildings under construction near the Dubai Water Canal could be in line for 2025’s priciest records.
The developer Omniyat properties has multiple projects on the ground, and as compared to its past projects, some of the units within them could set up new standards for prices.
“If not, ‘there is always the Jumeira Bay island and especially the Bvlgari Lighthouse building that’s part of it that’s made a habit of setting and resetting some of Dubai property market’s all-time records,” said a real estate consultant.
Another developer with a few homes in real estate portfolio is MAG, while the Azizi developers is venturing into the mansion space with a recent launch in the ever-evolving community of Dubai South.
According to a report released by Dubizzle report of 2024,
The top luxury apartment community was Dubai Marina, where the average sales price was Dh2.55 million, while the annual rent recorded was at Dh145,000, according to the sales trends released by Dubizzle.
The top luxury villa community was Dubai Hills Estate with n average sales price of Dh16.07 million. On the basis of average rental returns, Al Barsha was the top choice where the average rent came to Dh436,000.
Source : gulfnews
