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Luxhabitat reports of the Q1-17 buoyant demand for exclusive mansions and apartments in the "future city".
While most of Dubai real estate market experts stay focused on the mid-price segment, where all worries are about keeping the supply/demand balance at the background of multiple new off-plan handovers and launches, premium real estate market segment maintains its stability indicators. This is evidenced by a new report from Luxhabitat, a company analyzing trends at the global luxury market.
Jason Hayes, managing director at Luxhabitat, said that he is “incredibly optimistic for Q2 … Demand for luxury off-plan real estate is currently outstripping supply and this I’m sure will be remedied by our developer partners in their forthcoming launches.”
According to a report by Luxhabitat, the whole volume of real estate transactions registered in the first three months of the year in Dubai totaled AED3.4 billion, with 70 per cent of sales being for apartments. A bunch of high-end apartments worth AED595 million in total were sold in , followed by a number of transactions registered on the Palm Jumeirah man-made island worth AED378 million in total, and sales totaling AED290 million.
took up four of the top five costliest deals of Q1, with a 7,924 square feet residence sold for AED67 million. The similar premium unit was sold at the Emirates Hills for AED49 million.
In the apartment sales segment, a 10,806 square feet apartment at the Volante Tower facing the Dubai Canal was the biggest transaction of the Q1 with its AED36 million price tag, while the rest of the most expensive luxurious real estate transactions of the first three months 2017 were conducted in regard to units within a City Walk area totaling AED15.6 million together.
