Dubai real estate market sets new record with sale of 280 million dirham villa in Palm Jumeirah

“To see a transaction of this magnitude illustrates the continued strength of Dubai’s property market, particularly in the ultra-upscale segment – the transaction not only beats Dubai’s previous record, but closes the gap between Dubai’s luxury market and those in major global cities such as London, New York and Hong Kong,” Property Monitor COO Zhann Jochinke said in a statement.

London’s most expensive property is currently on the market for around $40 million; in New York, $169 million and in Hong Kong, $82.2 million.

Dubai’s property sector has seen a boom, partly driven by the Expo, which ended last month. In 2021, real estate prices increased by around 21% in the first 10 months of the year and more than 135 billion dirhams of transactions took place between January and November 2021.

“One of the main keys to growth in 2021 has been the government’s response to the pandemic. While we experienced a very strict lockdown, within six weeks Dubai had one of the most comprehensive testing facilities in the world, allowing life to return to normal almost immediately,” the luxury real estate broker said. Conor McKay.

While such rapid growth could be a cause for concern, Peter Smithson, sales manager at Belleview, thinks otherwise: “While a short-term view of the market can be daunting, when you look at the overall history , we see the current average cost in dirhams. per square foot of property is only 78% of the previous peak in 2014. Consider Dubai’s strength today, compared to then, and you have no choice but to predict significant new growth.