The real estate theme for 2021 was certainly the exponential rebounding of Dubai’s uber-luxury residential market, with Knight Frank previously reporting that in the ultra-prime bracket, the number of $10 million plus homes sold smashed the previous annual record set back in 2015. Unsurprisingly, the Palm, Emirates Hills and Jumeira Bay accounted for over three-quarters of super-prime sales in the city. The emergence of a new strata of properties of over Dh75m ($20 million and over) has emerged that can rightly now be described as super-prime.
The luxury market is certainly in a world of its own with prices increasing at a significantly higher rates, with prices in some communities even doubling, with Jumeira Bay being one such example. A plot for sale at Dh35 million just a year ago, recently sold at a staggering Dh80 million, highlighting a 130 per cent increase in just 12 months.
Ultra-high networth buyers continue to zero in on the city’s most exclusive neighbourhoods, and quality is quickly emerging as a key factor alongside location in purchaser decision making. In recent years, the quality of properties being developed in Dubai has increased significantly, with developers surpassing themselves with projects like the One Palm and Dorchester Residences by Omniyat and, of course, Dubai’s new icon, Atlantis The Royal Residences.