Prime sales rise on the back of lower home prices and looser visa rules
Transaction volumes in Dubai’s luxury home market were on the upswing in the first half of 2019, reported Zawya.
Around 194 luxury homes were transacted in the first six months of 2019, up from 115 units in H1 2018, according to data from Property Finder.
The number of transactions in the luxury market has increased alongside more attractive prices for prime homes in the emirate, according to Lynnette Abad, director of data and research at Property Finder. “We expect this trend to continue as long as the prices align with investor expectations.
“Prices in the luxury market were inflated over the past few years; therefore, as prices declined, particularly over the last year, luxury properties have become very attractive, especially to foreign investors,” she added.
The off-plan sale of a penthouse in Omniyat’s One Palm project for AED74 million (USD20 million) in May is this year’s priciest transaction thus far.
Dubai still offers the “best value for money” compared to other key prime housing markets around the world, such as London, New York, Paris and Singapore, Abad said. Such value proposition could account for a resurgence of buyer interest in the emirate’s luxury properties.
“In addition, Dubai has implemented new, strategic visa legislation linked to investment which has made purchasing a property or setting up a business in Dubai more attractive,” she said.
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