VILLA IN DUBAI HILLS FETCHES DH75M
Dubai Hills villas picked up top 10 positions in the priciest deals so far this year, totalling a whopping Dh587 million
The wealthy are in no mood to sit out through the pandemic doing nothing. Some are busy picking up new homes in Dubai, with the Top 10 deals so far this year totalling up a whopping Dh587 million and a few.
Two of those units, at the Il Primo tower in Downtown, were bought during the third quarter, just as Dubai was emerging from the lockdown phase and commercial activity resumed.
And the price tag on these apartments? A substantial Dh58.6 million apiece. But they aren’t the costliest deals in the year- to- date. That honour went to a 42,000- square- footplus villa in Dubai Hills, which fetched the seller a handsome Dh75 million. In second place was an Emirates Hills home, delivered for Dh69 million, according to Luxhabitat Sotheby’s, the consultancy.
More mega deals onway
There could be more megadeals on the way, with some villas currently for sale on the Palm carrying asking prices well upwards of Dh100 million. Even then, there were some relative bargains available for the rich — at Dubai’s premium residential locations, the average selling price at the end of the third quarter was Dh1,194 a square foot against Dh1,327 a square foot earlier.
This too has helped with a partial revival in demand between July to September.
Banks are helping out
“Banks are offering low fixed- rate mortgages as well as higher loan- to- value rates,” said Andrew Cleator, Managing Director at Luxhabitat Sotheby’s International realty. “This has triggered a flurry of firsttime buyer purchases as buyers now see long- term benefits of owning as opposed to renting.”
Main picture: A view of homes in Mohammad Bin Rashid City.
Insets: A Hartland property and a viewof The Palm in Dubai.
Secondary surge
The ready or near- ready homes are quite the favourites these days. In the third quarter alone, secondary market dealswere valued at Dh6 billion as against Dh2.7 billion in the second quarter. It could be surmised that a lot of these buyerswere for ready units.
“As the off- plan segment hasn’t been able to absorb the capital with enough newreleases, cash is diverted to themost stable secondary property markets,” said GeorgeAzar, CEOof Luxhabitat Sotheby’s International Realty.“We have seen a big increase in the prime residential markets.
“This will only strengthen further as Dubai will play a key role in the post- pandemic scenario. The UAE will attract a significant influx of expats aswell, mainly because of howit has handled the pandemic issue on a global levelwhile keeping the economy open.”