Ultra-luxury Dubai property deals jump to $68m during Q1
Luxhabitat Sotheby's says the total deals in Q1 are nearly double that seen in the first half of last year
Ultra-luxury property deals in Dubai are booming with one real estate broker reporting more than AED250 million ($68 million) worth of transactions in the first quarter of 2021.
Luxhabitat Sotheby's said the total deals in Q1 represented nearly double that seen in the first half of last year during the initial impact of the coronavirus pandemic.
The broker said is has completed numerous high-value transactions of between AED30 million and AED75 million in the Emirate Hills community.
"Completing the high-value transactions of ultra-luxury mansions like this with such consistency is evidence of the coveted relationships we have within the luxury property sector," said George Azar, chairman and CEO at Luxhabitat Sotheby's International Realty.
“We have multiplied transactions in the luxury secondary market segment by three fold compared to the whole term of 2020," he added.
Azar (pictured below) said this record-breaking streak in 2021 has been heavily influenced by the soaring demand in the ultra-high-end property segment from high-end buyers and investors honing in on lucrative secondary markets.
According to the company, the Q1 transactions included the most desirable address in Emirates Hills, a neighbourhood that continues to see high demand from high-net worth individuals and international buyers across Germany, Switzerland, France, Russia, Italy, India and the Gulf region.
"International buyers see Dubai as a safe and stable economy to buy into particularly when it comes to investing in the large value assets available in areas like Emirates Hills, Palm Jumeirah, Al Barari and Jumeirah Bay Island. This rise in demand comes on the heels of a successful economic boost following the positive handling of the Covid-19 pandemic by UAE authorities," the company added.
In April, Luxhabitat Sotheby’s announced the complete project sell-out of the ultra-luxury Four Seasons Private Residences within three months of its launch.
The luxury serviced complex includes 2, 3 & 4 bed apartments and 4 bed villas, with the two beds starting price set at $3 million.
Located on the banks of the Dubai Canal, this high-end residential development is comprised of only 28 units in total, with investors including royalty and celebrities.
