Luxury property prices in Dubai slipped by six per cent in the first quarter of 2022, with an average price of prime property at Dh4.5 million.
According to an analysis by Luxhabitat Sotheby, based on data from the Dubai Land Department, the Emirate’s prime residential market saw a minimal surge in volume in Q1 2022 of 1.03 per cent at Dh17.28 billion compared to the previous quarter.
he top three areas in terms of sales volume were Mohammed Bin Rashid City at Dh3.19 billion, Palm Jumeirah at Dh3.10 billion and Downtown Dubai at Dh 2.6 billion.
In the prime residential market, the Jumeirah Islands area sales more than doubled from Dh90 million to Dh201 million, followed by Mohammed Bin Rashid City and Al Barari.
“The current market has seen a surge in activity from continental European clientele. Shell and core villas are among the highest demanded properties on which end users are looking to put their signatures on.