This indicates an uptick in the Dubai Residential Market in terms of volume and number of units sold. The average price per square foot also went up, although by only 2.5%.
Off-plan registration volumes also increased by 28% from the previous quarter to AED 7.4 billion. The Dubai Harbour area recorded nearly five times the registrations compared to the previous quarter at AED 554 million. The off-plan villa market recorded a 61% increase in sales volume and more than double the units were sold. The off-plan apartments also reported a 10% increase in sales volume at AED 8.7 billion.
PRIME RESIDENTIAL MARKET
According to Luxhabitat’s analysis, the prime residential market in Q1 2019 totaled AED 10.6 billion, which is approximately 44% higher than the previous quarter. Luxhabitat defines the prime residential market as a residential market composed of properties that lie on the high-end spectrum of the Dubai residential market. Luxhabitat recognizes 15 key areas that form part of this classification; the areas are Al Barari, Arabian Ranches, Downtown Dubai, Dubai Marina, Dubai Creek Harbour, Business Bay, Emirates Hills, Jumeirah, Jumeirah Beach Residence, Mohammed bin Rashid city, Jumeirah Golf Estates, Jumeirah Islands, Jumeirah Lakes Towers, Palm Jumeirah, The Lakes, Meadows, & Victory Heights.
The top 3 areas in terms of sales volume were Downtown Dubai (AED 2.3 billion), MBR City (AED 2.1 billion) and Business Bay (AED 1.2 billion).