Dubai’s luxury real estate market is witnessing tremendous highs, with certain prime areas seeing transactional levels that are even higher than they were pre-Covid. The first quarter of 2022 has proven to be especially good for the higher end of the market with increased enquiries from international buyers and an influx of transactions that are driven in part by cash buyers and partly by finance buyers who are taking advantage of mortgage rates that are still quite favourable compared to other major cities across the world. One of the communities that has seen a boost in activity this year is Jumeirah Islands. While neighbourhoods like Palm Jumeirah and Emirates Hills tend to generate buzzworthy headlines, Jumeirah Islands maintains a relatively lower profile that gives it an added sense of appeal for buyers who are seeking a community that offers the utmost in privacy. In the first four months of 2022, Jumeirah Islands has generated approximately AED 403 million ($109.7 million) worth of sales from 47 transactions.
The increase in transactional activity has proven to be very beneficial for Carlos Cruz, a Senior Private Client Advisor with award-winning luxury brokerage LuxuryProperty.com and a specialist in Jumeirah Islands. Carlos was responsible for roughly $20 million worth of the transactions in Jumeirah Islands this year, which translates to a 20% market share – the largest held by any real estate agent in Dubai.
“Jumeirah Islands has consistently proven to be one of Dubai’s most sought-after luxury communities,” says Carlos, who began his real estate career just over 10 years ago at the age of 20 and very quickly established himself as a force to be reckoned with in the industry. He has received multiple awards for his performance and has a strong transactional record, which is bolstered by his performance so far this year.
“Average transaction price and the average price per square foot have seen year-on-year increases in Q1 of this year, by 46% and 24% respectively. Families are looking for larger homes and are willing to pay a bit of a premium for the right kind of property. A villa that is upgraded, offers a high quality of finish and is well-priced will not stay on the market for very long – and the homes in Jumeirah Islands have been ticking all of those boxes so far.”
This trend can be seen across nearly all the prime and super prime areas of Dubai. The market has been moving at an incredible pace in 2022, as indicated by the Q1 market report released by LuxuryProperty.com in April. There is still an overall trend toward larger properties, though the shortage of prime villa stock is driving more buyers towards apartments and penthouses that fit their space requirements. All of this only serves to underscore the significance of one agent holding the highest market share across the entire luxury segment in Dubai. Due to recent initiatives launched by the UAE government that overhaul the current visa system and relax some of the requirements involved, it is expected that demand from international buyers will continue to increase over the course of the year and that market performance will remain strong over the remainder of 2022.
Media ContactCompany Name: LuxuryProperty.comContact Person: Arpan GhoshEmail: Send EmailCountry: United Arab EmiratesWebsite: https://www.luxuryproperty.com
