Keturah analysis shows 42% increase in transactions YoY
Developer sales were topped by a US $114.9mn luxury apartment on the Jumeirah Peninsula, while plots also saw increased demand
Dubai’s luxury property market continues to show strong momentum, with developer sales of US $2.9bn in March and a 42% YoY increase in transaction volume to 900 deals. A market analysis from the Keturah luxury brand shows that over the first 24 days of March, the US $5.44mn – US $ 13.61mn sector recorded 79 sales transactions worth US $642.6mn, including 6 off-plan villas bought for between US $11.7mn – US $13.6mn.
Data from DXBinteract reveals that 16 sales transactions in the US $13.6mn – US $27.2mn bracket amounted to US $283mn, and included 9 off-plan apartments which were sold for between Us $13.9mn – US $ 25mn.
“In the circumstances, these figures represent a powerful signal of confidence in Dubai’s premium real estate offering,” said Talal M. Al Gaddah, CEO and Founder of the Keturah luxury brand. “We’re seeing sustained demand at the top end of the market, even during a period marked by regional geopolitical tension. In addition, real estate activity historically slows during Ramadan, and it’s significant that prime property in Dubai has continued to attract serious capital.”
Al Gaddah says Keturah Reserve is an example of the new generation of luxury Dubai developments built to withstand disruption, and maintain long-term investor confidence.
“The current situation in the region is exactly the kind of short-term volatility we and other developers in Dubai are prepared for. More and more projects are designed to hold their value in uncertain times,” he says.
He adds, “One strategy is to keep supply low and focus on real health and wellbeing benefits. This is the kind of approach which gives developments natural strength during uncertain periods, and positions them well when conditions improve.”
The developer sales in March were topped by a US $114.9mn luxury apartment on the Jumeirah Peninsula, while transactions above US $27.2mn also included 4 plots at Umm Suqeim First, which fetched between US $34mn – US $41.4mn.
In the US $2.7mn – US $5.4mn range, 150 sales worth US $544mn included 2 off-plan villas each for over US $5.2mn, and 3 off-plan apartments between US $4.9mn – US $5.2mn.
The highest volume of activity came in the US $1.4mn – US $2.7mn sector, which saw 650 sales transactions valued at US $1.2bn, including 7 off-plan apartments each selling for over US $2.4mn.
“When you study the data, as we have been doing since the start of the conflict, you see a continued flow of capital into high-value off-plan properties. This reflects a buyer profile that is typically long-term in outlook and less influenced by short-term factors. These people are highly selective and strategic, and their continued activity at this time reinforces Dubai’s position as a global destination for premium real estate investment,” added Al Gaddah.
