Palm favourite over Downtown, Marina for luxury property buyers in Dubai

Downtown Dubai to be the costliest area to buy luxury properties of over Dh5 million
By 24/7 News
Published Thursday, August 13, 2015

Global high net worth individuals have favoured Palm Jumeirah over Downtown Dubai and Dubai Marina, according to a new report.

The man-made island registered 48 sales, worth Dh499 million, in the first half of 2015 for units priced at Dh5 million plus, followed by 46 sales in Downtown Dubai, valued at Dh342 million, Luxhabitat, a Dubai-based property consultancy, said.

The company’s analysis is based on its own information and data from Reidin/Land Department.

Dubai Marina/Jumeirah Beach Residence (JBR), together, saw 40 sales worth Dh349 million, while Business Bay reported 14 deals worth Dh111 million.

The report also revealed Downtown Dubai to be the costliest area to buy luxury properties of over Dh5 million with average price per square foot (psf) at Dh3,776. However, Palm Jumeirah was almost 95 per cent cheaper than the master community, dubbed as “The Centre of Now,” at Dh1,928 psf.

Average price for Dubai Marina stood at Dh2,181 psf and Dh1,598 psf for JBR. As for business, average price for Business Bay was Dh1,444 psf.

The report revealed that that Downtown saw a price decline of over 14 per cent in the second quarter 2015 compared with the first quarter 2015. Similarly, Dubai Marina and JBR registered price declines of 13 per cent, respectively.

On Wednesday, Emirates 24|7 quoted a report by Land Sterling, chartered surveyor and property consultancy firm, which put the average service charge in Downtown Dubai at Dh22.5 per square feet (psf) per annum (pa) — the highest among Dubai’s freehold communities. Average service charges in Business Bay, Dubai Marina and Jumeirah Lakes Towers were at Dh15 psf, respectively.

The Dubai consultancy said Dubai Marina saw sale of maximum penthouses valued at Dh96.7 million during the first half 2015. The units sold were in Cayan Tower, Le Reve, Bayside Residence, Silverene Towers and Al Yass Tower.

“The Dubai Marina and JBR area are on par with properties in Downtown Dubai. In fact, they offer even more value in terms of luxury,” company Luxury Sales Director, Alexander Von-Sayn Wittgenstein, said.

Posted on August 13, 2015 in Property, Real Estate

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