Dubai recorded 244 off-plan residential property sales worth more than Dhs5 million each in July, with the deals having a combined value of Dhs3.42 billion, according to data analysed by luxury developer Keturah.
The transactions covered apartments and villas across several price ranges, including deals above Dhs50 million.
Apartment sales
Developers recorded 151 off-plan apartment sales worth Dhs2.3 billion in July, while 93 villa transactions totalled Dhs1.1 billion. The average value across the 244 transactions was Dhs14 million.
Apartments priced between Dhs5 million and Dhs10 million accounted for 81 transactions worth Dhs552.6 million.
There were also 41 apartment sales in the Dhs10 million to Dhs20 million range, worth Dhs593.6 million, while 24 transactions between Dhs20 million and Dhs50 million totalled Dhs708.5 million.
Four apartment deals fell between Dhs50 million and Dhs100 million, with an average value of Dhs69.9 million. Another apartment was sold for Dhs166 million.
Villa transactions
Villa sales also remained concentrated in the lower end of the luxury segment, with 60 transactions between Dhs5 million and Dhs10 million worth Dhs387.4 million.
A further 22 villa sales in the Dhs10 million to Dhs20 million range totalled Dhs317.2 million. Ten transactions between Dhs20 million and Dhs50 million were worth Dhs334.1 million, while another villa sold for Dhs72.7 million.
Talal M. Al Gaddah, CEO and Founder of the Keturah luxury brand, said: “Dubai’s luxury market is demonstrating a depth of demand that goes beyond individual high-value transactions.
“Investors are continuing to commit substantial capital to Dubai residential property because they see that the city’s long-term fundamentals, international appeal and investment proposition remains strong.”
Three-month demand
The July figures follow strong activity in Dubai’s luxury off-plan market over the past three months.
Developers recorded 942 off-plan residential sales above Dhs5 million during the period, with a combined value of Dhs12.11 billion. The average transaction value was Dhs12.9 million.
Demand also extended to completed homes. Dubai developers recorded 43 ready-property transactions above Dhs5 million in July, worth a combined Dhs552.8 million. The average value was Dhs12.9 million.
Keturah currently has two luxury residential projects under development in Dubai: Keturah Reserve in Mohammed Bin Rashid City’s District 7 and the Ritz-Carlton Residences at Keturah Resort on Dubai Creek.
tanvir@dubainewsweek.com
