Dubai doubles prime residential sales

Dubai doubles prime residential salesImage Credit: Supplied

The prime residential market beat the overall residential market by early doubling the volume of sales from Q4 last year. This quarter, the prime residential market completed Dh3.2 billion in sales compared to Dh1.6 billion in Q4 2015, showing renewed investor confidence.

Communities considered as prime residences include Emirates Hills, Palm Jumeirah, Downtown Dubai, Dubai Marina, Jumeirah Islands, Meadows, Lakes, Victory Heights, Business Bay, Jumeirah Lake Towers, and Arabian Ranches. The overall residential market showed a decline in sales from the previous quarter, revealing a 16 per cent drop in total value of sales from Dh6.9 billion to Dh5.8 million.

What could be attributed to the rise in market sales is the decline in price points (in AED/sq ft) over the last quarter by 1 per cent, compared to the overall residential market which declined by 2 per cent from the last quarter.

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Source: Property WeeklyPW


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