Rich splurge on Downtown Dubai; Burj Khalifa favourite
Nearly 350 big tickets deals were registered in Dubai’s luxury housing market in 2014, with total transaction value exceeding Dh2.77 billion, according to a new study.
Over 40 per cent of total transactions were registered in Downtown Dubai, the study by Luxhabitat, a Dubai-based real estate brokerage firm, found.
Burj Khalifa topped in unit sales with 41 per cent of the transactions among single towers with Downtown Dubai being the most attractive location for investors and end-users despite apartments size being far smaller than Dubai Marina.
Overall, the transaction value in the development crossed Dh1.1 billion, with average price being Dh3,980 per square feet (psf).
Moreover, we did report that there had been a 100 per cent increase in people taking mortgage to buy property in the tall tower.
Read: Revealed: Costliest apartment deals of Dubai in 2014
Read: Dubai's Burj Khalifa remains a big draw for investors
Dubai Marina came second on the list of apartment sales with transaction volumes reaching Dh770 million as average price stood at Dh2,512 psf.
Asteco’s latest report stated that the Palm was the only development to experience an increase in Q4 2008 prices, up 4 per cent underscoring its popularity with both local and international buyers.
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