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02 October 2023

Rich splurge on Downtown Dubai; Burj Khalifa favourite

Nearly 2,700 students reside in UAE. (Patrick Castillo)

By Parag Deulgaonkar

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.

The company conducted an analysis on properties above Dh5 million sold last year using data from the Dubai Land Department and Reidin.

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).

Emirates 24|7 reported in January 2015 that an apartment in Burj Khalifa was sold for Dh60 million, topping the list of the biggest transactions of 2014.

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.

Palm Jumeirah took the third spot with total deals of Dh499 million with average price was at Dh1,996 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.