In the last quarter of 2021, prices for luxury real estate in Dubai increased by more than 40% compared to the previous quarter. The average price per unit of real estate in Dubai was USD 1,250,000. Which areas of the emirate have become the most expensive today?
The first place in terms of high cost in 2022 is held by Palm Jumeirah. The average price tag for a unit of housing here is USD 925,000,000. It is followed by Downtown and Business Bay with average prices of USD 871,000,000 and USD 680,000,000.
Among the coastal areas of Dubai with properties on the first line of the Persian Gulf, Jumeirah also got into the rating of the most expensive. Average prices per property increased here in the quarter from USD 33,000,000 to USD 101,000,000.
However, even such cosmic price tags do not stop buyers. It is reported that the volume of sales of luxury apartments is only growing. During the period from October to November 2021, it increased by a third.
The market of the premium segment of Dubai real estate in 2021 showed extraordinary growth. At the end of the year, Dubai ranked third in the world in terms of housing sales. Analysts predict that in 2022 the number of sales will only increase amid rising demand. Real estate experts suggest that the cost per square meter of residential real estate will increase by at least 6% over the next months. Its rise in price is associated with the recovery of the Dubai economy after the pandemic.