Dubai’s Priciest Locations – Jumeirah Bay, Palm, City Walk – Keep Gaining On Per Square Foot
Dubai is known for its high-priced properties and luxury lifestyle. Talking about selling at a high- the Jumeirah Bay land which was recently sold for Dh125 million converts to Dh5,115 per square foot. Comparing that to the previous ask price, that’s a whopping 242 percent increase for this type of prized undeveloped property at one of the most famous and sought-after waterfront locations in Dubai.
One of the main reasons for this amount of price increase is that the plots and properties on Jumeirah Bay have been successfully bringing developers or owners some astonishing profits. In the past month, a two-bedroom apartment on Jumeirah Bay island’s Bulgari Residences was sold for Dh21 million, which converts to a mind-blowing Dh10,155 a square foot, according to the sources.
What comes to mind is what was the seller’s gain in this particular transaction. According to the sources, the seller gained a blatant 147 percent.
It’s not the end there, in that particular month only, Jumeirah Bay witnessed two other property transactions which were valued at Dh11,000 plus per square foot. The sellers who patiently wait for the right time to close the deals on their properties on Jumeirah Bay are genuinely getting the dream deals. Currently, no other locations in Dubai can crack these kinds of returns for now. Not even other prime waterfront destinations.
The month of April has undoubtedly been a successful month for Jumeirah Bay and in February, a Bulgari Lighthouse penthouse was sold for Dh410 million.
Palm’s ‘Affordable’
The average per square foot price in Palm is Dh2600 these days, while the selling price floats at Dh3.7 million. The per-square-foot price has increased by 16 percent from the last year.
The other location which is doing great is the City Walk Dubai. The average per square foot price is crossing Dh2300 which is up by 28 percent. The selling price is at a clean Dh3 million. Based on the volume of sales, City Walk is the best-performing neighborhood in Dubai.
It is clear from data from the first four months that there is no downfall in demand for the priciest spots in Dubai.
Inland ‘Island’
Another upmarket location in Dubai that is cracking big-ticket deals is Tilal Al Ghaf from Majid Al Futtaim. Near the Eid holidays, there were deals of ready plots, from 7,220 square feet to 15,581 square feet, ranging from Dh11.3 million to Dh31 million plus.
In the recent past, back in late 2020, Dubai Hills was one of the locations that hugely benefitted from the sales of plots. Then, Jumeirah Bay followed and now Tilal Al Ghaf has become a rich buyer’s choice looking to contract their own dream house.
Buy Off Plan
Nowadays, more buyers are ready to wait for their homes to be delivered. This is resulting in a sharp increase in off-plan sales in Dubai. In addition, during the first three months, the Dubai off-plan transactions touched multi-year highs. As a case in point, off-plan, flat sales were up 95 percent.
What is more amazing is that now the villas are also included in the off-plan trend. The buyer’s attention is now shifting to other new off-plan developments in Dubai offering villas and providing deliveries in 3-4 coming years. 72 percent of villa sales in Dubai were off-plan sales during the first quarter.
There can be two main things affecting buyer’s preferences. One of them is that there aren’t many ready villas in Dubai being listed. Those being marketed carry large markups.
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