This custom-built mansion in Dubai Hills Estate is on the market for Dh115 million.
This custom-built mansion in Dubai Hills Estate is on the market for Dh115 million.
Enter via a striking double-height central hub.
Enter via a striking double-height central hub.
The property's expansive basement, complete with a bar and TV area.
The property's expansive basement, complete with a bar and TV area.
One of seven spacious bedrooms.
One of seven spacious bedrooms.
A wine cellar, to be filled at will by the owner.
A wine cellar, to be filled at will by the owner.
A spacious private swimming pool.
A spacious private swimming pool.
A snug and inviting formal living room.
A snug and inviting formal living room.
The property comes fully furnished, with high-end pieces.
The property comes fully furnished, with high-end pieces.
There are a number of areas to relax around the property.
There are a number of areas to relax around the property.
Generously sized walk-in wardrobes.
Generously sized walk-in wardrobes.
The design is inspired by the five elements: wood, fire, earth, metal and water.
The design is inspired by the five elements: wood, fire, earth, metal and water.
Bright and airy design throughout the upper floors.
Bright and airy design throughout the upper floors.
A spacious ensuite bathroom.
A spacious ensuite bathroom.
Looking down on the central hub from the first floor.
Looking down on the central hub from the first floor.
Italian marble and porcelain has been used in the bathrooms.
Italian marble and porcelain has been used in the bathrooms.
Space to entertain in the basement.
Space to entertain in the basement.
Wood is a key design material throughout the property.
Wood is a key design material throughout the property.
A formal dining area.
A formal dining area.
A plush living area.
A plush living area.
A sleek home office.
A sleek home office.
A view of the back of the property at night.
A view of the back of the property at night.
The grand staircase connected to the central hub of the home.
The grand staircase connected to the central hub of the home.
A design feature flowing down the stairs.
A design feature flowing down the stairs.
A more relaxed dining area.
A more relaxed dining area.
The back of the property by day.
The back of the property by day.
A quiet corner to relax in.
A quiet corner to relax in.
A view of the top landing.
A view of the top landing.
Space to watch TV.
Space to watch TV.

Business

Property

Dubai prime property prices soar by almost 60% in past 12 months

Rate of growth starting to slow in certain segments of the market, Knight Frank report finds

Ian Oxborrow
Ian Oxborrow

May 11, 2022

  • English
  • Arabic

A boom in Dubai's prime residential market has led to prices rising almost 60 per cent in the past 12 months, driven by growing interest from international investors, according to consultancy Knight Frank.

Prime areas include Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, among others.

Palm Jumeirah registered villa price growth of close to 11 per cent during the first quarter and more than 38 per cent over the last 12 months. Villa prices in Emirates Hills rose 6.5 per cent in the first three months of the year and by almost 20 per cent in the last year, according to the report.

“Palm Jumeirah and Emirates Hills continue to cement their iconic status, with global buyers continuing to jostle for an address in Dubai’s most exclusive enclaves,” said Faisal Durrani, partner — head of Middle East research, at Knight Frank.

“In addition, there were a record-breaking 93 ultra-prime home sales in 2021 — these are homes priced at over $10 million. During Q1, we’ve recorded another 32 ultra-prime deals, exceeding the second best annual total set in 2015.”

Dubai's property market has made a strong recovery from the pandemic-driven slowdown as the UAE's economy improves, helped by fiscal and monetary measures.

The market registered 25,972 property transactions in the first quarter of this year, the highest number of quarterly deals since 2010, according to Mo’asher, the emirate’s official sales price index issued by the Dubai Land Department in partnership with Property Finder.

A number of new records have also been registered in the market in recent months.

These have included an apartment at the Bulgari Resort and Residences selling for the highest price per square foot in the city. Also, a 10-bedroom, custom-built villa with 70 metres of private beachfront on Palm Jumeirah sold for a record Dh280m ($76m), beating the previous record of Dh185m set in 2015.

_________________________

Dubai's record property sale — in pictures

This Dh280 million property has a prime location on Dubai's Palm Jumeirah. All photos courtesy Belleview Real Estate
This Dh280 million property has a prime location on Dubai's Palm Jumeirah. All photos courtesy Belleview Real Estate
The custom-built villa has 10 bedrooms.
The custom-built villa has 10 bedrooms.
The 33,000sq ft villa features state-of-the-art technology.
The 33,000sq ft villa features state-of-the-art technology.
The villa has imported and handpicked book-matched Italian marble, and is furnished by uber-lux Italian furniture houses Giorgetti and Minotti.
The villa has imported and handpicked book-matched Italian marble, and is furnished by uber-lux Italian furniture houses Giorgetti and Minotti.
Dubai’s property sector has been experiencing a boom, partly driven by Expo 2020 Dubai, which finished last month.
Dubai’s property sector has been experiencing a boom, partly driven by Expo 2020 Dubai, which finished last month.
The indoor pool is perfect for when it's too hot outside.
The indoor pool is perfect for when it's too hot outside.
The spa facilities include a hair salon and gym.
The spa facilities include a hair salon and gym.
The previous record sale for a Palm Jumeirah villa was Dh185m, set in 2015.
The previous record sale for a Palm Jumeirah villa was Dh185m, set in 2015.
An aerial view of the outdoor pool.
An aerial view of the outdoor pool.
The property comes with more than 70 metres of private beachfront.
The property comes with more than 70 metres of private beachfront.

Overall, house prices in Dubai grew 10.6 per cent last year and by a further 2.6 per cent during the first three months of 2022, Knight Frank said.

The latest increase leaves values more than 11 per cent higher than in the same period of 2021, marking the highest rate of annual growth since January 2015.

“The positive market sentiment, driven by the government’s … response to the pandemic, coupled with the successful hosting of the World Expo, the reopening of travel corridors and Dubai’s global safe-haven status, continues to underpin the market’s rebound,” said Mr Durrani.

“Despite the sharp turnaround in prices, values are still, on average, about 25 per cent below their 2014 peak, but villas are now just 12.9 per cent below the last market high in 2014.”

However, there has been a slowdown in the rate of growth in certain segments in the market, Knight Frank said.

Average villa prices rose 3.2 per cent during the first quarter, down from 3.4 per cent growth in the final three months of 2021, marking the slowest quarterly increase in more than two years.

“This slowing price growth is not uniform across the board, with the city’s most expensive locations still locked in Dubai’s version of the ‘Roaring Twenties’,” said Mr Durrani.

“This outperformance is being fuelled in large part by the influx of overseas UHNWI [ultra high net worth individual] capital that continues to target Dubai’s most luxurious homes.”

Knight Frank forecasts another 100,000 units will enter the market by the end of 2025, with more than 50,000 homes due to be completed during the remainder of 2022. Of the homes expected by 2025, only 25 per cent are forecast to be villas.

“Through to the end of 2025, just eight new villas are expected to be built in Dubai’s prime residential areas, hinting strongly at continued outperformance of villas at the very top of the market as there is nothing to suggest an easing of the luxury home drought any time soon,” said Mr Durrani.

________________________

Dubai property prices: where they are rising and falling — March 2022

VILLA PRICES: Palm Jumeirah: Dh2,910 per square foot — up 4.8 per cent a month in March.
VILLA PRICES: Palm Jumeirah: Dh2,910 per square foot — up 4.8 per cent a month in March.
Emirates Hills: Dh2,023 per square foot — up 2.9 per cent a month. Photo: Knight Frank
Emirates Hills: Dh2,023 per square foot — up 2.9 per cent a month. Photo: Knight Frank
Jumeirah: Dh1,935 per square foot — up 4.8 per cent a month. Sarah Dea / The National
Jumeirah: Dh1,935 per square foot — up 4.8 per cent a month. Sarah Dea / The National
District One: Dh1,841 per square foot — up 3.8 per cent a month. Satish Kumar / The National
District One: Dh1,841 per square foot — up 3.8 per cent a month. Satish Kumar / The National
Mohammed bin Rashid City: Dh1,502 per square foot — up 0.2 per cent a month.
Mohammed bin Rashid City: Dh1,502 per square foot — up 0.2 per cent a month.
Dubai Hills: Dh1,426 per square foot — up 0.8 per cent a month. Photo: Emaar Malls Management
Dubai Hills: Dh1,426 per square foot — up 0.8 per cent a month. Photo: Emaar Malls Management
The Meadows: Dh1,447 per square foot — up 2.7 per cent a month. Jeffrey E Biteng / The National
The Meadows: Dh1,447 per square foot — up 2.7 per cent a month. Jeffrey E Biteng / The National
The Lakes: Dh1,408 per square foot — up 2.6 per cent a month. Pawan Singh / The National
The Lakes: Dh1,408 per square foot — up 2.6 per cent a month. Pawan Singh / The National
Jumeirah Islands: Dh1,418 per square foot — up 3.8 per cent a month. Photo: Prestige Dubai
Jumeirah Islands: Dh1,418 per square foot — up 3.8 per cent a month. Photo: Prestige Dubai
Jumeirah Golf Estates: Dh1,298 per square foot — up 2.9 per cent a month. Pawan Singh / The National
Jumeirah Golf Estates: Dh1,298 per square foot — up 2.9 per cent a month. Pawan Singh / The National
The Springs and The Meadows: Dh1,123 per square foot — down 1.8 per cent a month. Photo: Better Homes
The Springs and The Meadows: Dh1,123 per square foot — down 1.8 per cent a month. Photo: Better Homes
Arabian Ranches: Dh1,153 per square foot — up 1.1 per cent a month. Pawan Singh / The National
Arabian Ranches: Dh1,153 per square foot — up 1.1 per cent a month. Pawan Singh / The National
Meydan City: Dh1,147 per square foot — up 1.2 per cent a month.
Meydan City: Dh1,147 per square foot — up 1.2 per cent a month.
Al Barari: Dh1,092 per square foot — down 2.6 per cent a month. Photo: Luxhabitat
Al Barari: Dh1,092 per square foot — down 2.6 per cent a month. Photo: Luxhabitat
Jumeirah Park: Dh1,090 per square foot — down 2 per cent a month. Pawan Singh / The National
Jumeirah Park: Dh1,090 per square foot — down 2 per cent a month. Pawan Singh / The National
Victory Heights: Dh1,089 per square foot — down 2.0 per cent a month. Photo: Luxhabitat
Victory Heights: Dh1,089 per square foot — down 2.0 per cent a month. Photo: Luxhabitat
Mudon: Dh982 per square foot — up 1.9 per cent a month. Satish Kumar / The National
Mudon: Dh982 per square foot — up 1.9 per cent a month. Satish Kumar / The National
Jumeirah Village Triangle: Dh937 per square foot — down 2.5 per cent a month. Pawan Singh / The National
Jumeirah Village Triangle: Dh937 per square foot — down 2.5 per cent a month. Pawan Singh / The National
Sustainable City: Dh943 per square foot — down 0.4 per cent a month. Antonie Robertson / The National
Sustainable City: Dh943 per square foot — down 0.4 per cent a month. Antonie Robertson / The National
Town Square: Dh802 per square foot — up 1.4 per cent a month. Satish Kumar / The National
Town Square: Dh802 per square foot — up 1.4 per cent a month. Satish Kumar / The National
Living Legends: Dh787 per square foot — up 2.3 per cent a month. Pawan Singh / The National
Living Legends: Dh787 per square foot — up 2.3 per cent a month. Pawan Singh / The National
Jumeirah Village Circle: Dh605 per square foot — no change. Antonie Robertson / The National
Jumeirah Village Circle: Dh605 per square foot — no change. Antonie Robertson / The National
Falconcity of Wonders: Dh731 per square foot — up 0.2 per cent a month. Sarah Dea / The National
Falconcity of Wonders: Dh731 per square foot — up 0.2 per cent a month. Sarah Dea / The National
Akoya Oxygen: Dh585 per square foot — down 0.2 per cent a month. Photo: Allsopp & Allsopp
Akoya Oxygen: Dh585 per square foot — down 0.2 per cent a month. Photo: Allsopp & Allsopp
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Floward%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAbdulaziz%20Al%20Loughani%20and%20Mohamed%20Al%20Arifi%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EE-commerce%0D%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3EAbout%20%24200%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EAljazira%20Capital%2C%20Rainwater%20Partners%2C%20STV%20and%20Impact46%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E1%2C200%3C%2Fp%3E%0A
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The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Mohammed bin Zayed Majlis
Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

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Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

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Norway

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Canada

7.

Singapore

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Australia

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Saudi Arabia

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Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

 

Group B

UAE, Iran, Kuwait, Saudi Arabia

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The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Who is Ramon Tribulietx?

Born in Spain, Tribulietx took sole charge of Auckland in 2010 and has gone on to lead the club to 14 trophies, including seven successive Oceania Champions League crowns. Has been tipped for the vacant New Zealand national team job following Anthony Hudson's resignation last month. Had previously been considered for the role. 

Company profile

Name: GiftBag.ae

Based: Dubai

Founded: 2011

Number of employees: 4

Sector: E-commerce

Funding: Self-funded to date

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Iceland 0 England 1 (Sterling pen 90 1)

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Tips%20for%20holiday%20homeowners
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The specs: 2018 Harley-Davidson Fat Boy

Price, base / as tested Dh97,600
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THE BIO

Favourite book: ‘Purpose Driven Life’ by Rick Warren

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