Mansion Sales Gaining Traction in Dubai

January 11, 2018
Written by Arpan Ghosh
Dubai has always been a preferred destination for luxury living. High net worth families and individuals looking for a vacation home, or a new family residence, have often turned to the city and its bountiful residential options. While market fluctuations have impacted overall property transactions, the luxury market has managed to maintain a solid enough foothold, as evidenced by the fact that some of Dubai’s most expensive villa sales took place in 2017.
 
It was a solid year for off-plan sales of course, but the biggest deals occurred in the secondary market, primarily in the areas of Emirates Hills, Dubai Hills Estate and Palm Jumeirah. Transactions ranged from about AED 20 million to a staggering AED 95 million, according to data from the Dubai Land Department and real estate research service REIDIN.
 
As one of Dubai’s most exclusive residential communities, Emirates Hills is a natural choice for most buyers. With large plot sizes, spacious interiors and the renowned Address Montgomerie golf course as its focal point, it is ideal for those seeking a home of comfort and leisure. Many of Dubai’s newer developing communities are cast in a similar mold, combining well-built and stylish residential units with world-class amenities.
Recent years have seen a far greater emphasis on selling lifestyle more than just mere homes, and if last year’s sales trend is any indication, that has been paying off rather well. “In the past, Dubai tended to be a place for vacation or second or third homes,“ according to CEO of LuxuryProperty.com, Jason Hayes. “But we feel there has been a subtle shift with clients electing to live here year-round, and escaping to vacation homes in Europe over the hot summer months.”
 
With many more villa communities in the pipeline, such as Sidra in Dubai Hills, Sobha Hartland, Hillside at Jumeirah Golf Estates and XXII Carat on Palm Jumeirah, there will soon be an abundance of choice when it comes to prime luxury real estate.
 
Although ready villas are a preferable alternative to waiting for an off-plan property to be completed, there is one major hurdle that could hold the secondary market back. “The key issue tends to be the quality and pricing of the villas,” says Hayes. “Our clients prefer to buy turnkey, so a move-in villa that’s priced correctly will always sell quickly.”