- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:29 06:47 12:13 15:10 17:33 18:51
Average sale prices of luxury villas on Dubai’s Palm Jumeirah, a beach-front development, are now twice costlier than Arabian Ranches, a golf community, says a new report released on Sunday.
In an analysis based on registered transactions with Dubai Land Department in 2014, Luxhabitat, a Dubai-based real estate brokerage firm, said average prices touched Dh2,975 per square feet (psf) for Palm villas with total value of transactions reaching Dh1.35 billion.
According to data provided by Reidin to Emirates 24|7, average prices stood at Dh2,488 psf in 2013 and are now up nearly 20 per cent since last year.
In 2008-2009, prices had declined to a low of Dh1,400 to Dh1,500 psf on the reclaimed island, which today has been named as a “must-see architectural wonder” by Expedia, an international travel website.
There were 74 transactions of units priced at above Dh5 million with the most expensive villa being sold for Dh58.5m.
Emirates 24|7 reported earlier that non-European ultra-high net worth individuals - those with $30m or above in assets – were investing in Dubai’s luxury property market over Monaco.
Read: Super-rich opt for Dubai's Palm, Downtown over Monaco
Besides, the UK-based Knight Frank’s Wealth Report 2015 revealed that $1 million (Dh3.67m) could buy an apartment that was four and seven times bigger than Singapore and London in the emirate.
Read: How much space will $1m buy you in Dubai or New York?
The report put average prices of Arabian Ranches villas at Dh1,391 psf, with total value at over Dh558m. Average prices stood at Dh1,372 psf in 2013 and are up 1.4 per cent. In 2014, the master community recorded 82 sale transactions.
A total of 422 villas, priced at above Dh5m were sold in 2014, with over 60 per cent of these being in the above two area and Emirates Hills with highest average transaction per villa being Dh29m and average price of Dh2,343 psft. Prices have increased nearly 6 per cent compared with 2013, when the average stood at Dh2,218 psf.
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