It seems that the status of the ‘millionaires’ city’ continues to yield dividends to Dubai's real estate market. Though, only super-prime real estate market sector seems to be completely ‘cushioned’ against any possible economic changes so far, says Matthew Bate, a senior executive from developer Al Sharq Investment.
Bate also said elite housing market had taken a unique niche, thus not having felt the decline in sales prices reported by analysts on the year-on-year basis. The slowdown has in no way affected the major AED 50 million plus home sales transactions in Dubai.
“The market for HNWIs [high net worth individuals] in the Gulf is somewhat isolated from the rest of the real estate market,” Bate believes. — “This is an AED2 billion ($544 million) investment [for us] and we are confident these buyers will always be there and demand is not dropping.”
Bate also bases his opinion on sales level in Alef Residences, a flagship project from Al Sharq Investment on the man-made island of Palm Jumeirah in Dubai. Despite the overall price softening in Dubai housing market stated by some analysts, the developer had not had to amend the scheme of real estate sales throughout the course of construction scheduled for completion in the second quarter of 2017. Alef Residences will have 104 super-prime residential units, including villas and townhouses, duplexes and exclusive penthouses marketed in a price range from AED 51 million ($ 13.8 million) to AED 268 million ($ 72.9 million).
The same statement concerning Dubai high-end residential market’s stable position is shared in a latest report by ValuStrat: as of August this year, Dubai premium property prices for centrally located apartments witnessed the third consecutive month of growth, while mid-range, high yielding properties in Dubai Marina, JLT, Business Bay and other central areas saw price uplifts of between 0.8-2.8 percent just in August alone.
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