Keturah analysis shows developer transaction volume climbed 42% YoY with a week of the month remaining
Dubai’s luxury property market continues to show strong momentum, with developer sales of AED10.92 billion in March and a 42% year-on-year increase in transaction volume to 900 deals, with one week of the month remaining.
A market analysis from the Keturah luxury brand today shows that over the first 24 days of March, the AED20-50 million sector recorded 79 sales transactions worth AED2.36B, including six off-plan villas bought for between AED43-50 million.
Data from DXBinteract reveals that 16 sales transactions in the AED50-100 million bracket amounted to AED1.04 billion, and included nine off-plan apartments which were sold for between AED51-92 million.
“In the circumstances, these figures represent a powerful signal of confidence in Dubai’s premium real estate offering,” said Talal M. Al Gaddah, CEO and Founder of the Keturah luxury brand.
“We’re seeing sustained demand at the top end of the market, even during a period marked by regional geopolitical tension. In addition, real estate activity historically slows during Ramadan, and it’s significant that prime property in Dubai has continued to attract serious capital.”
Talal says Keturah Reserve, the AED5.7 billion bio-living community under development at Mohammed Bin Rashid City’s District 7, is an example of the new generation of luxury Dubai developments built to withstand disruption, and maintain long-term investor confidence.
“The current situation in the region is exactly the kind of short-term volatility we and other developers in Dubai are prepared for,” he says. “More and more projects are designed to hold their value in uncertain times.
“One strategy is to keep supply low and focus on real health and wellbeing benefits. This is the kind of approach which gives developments natural strength during uncertain periods, and positions them well when conditions improve.”
This month’s developer sales were topped by a AED422 million luxury apartment on the Jumeirah Peninsula, while transactions above AED100 million also included four plots at Umm Suqeim First which fetched between AED125-152 million.
In the AED10-20 million range, 150 sales worth AED1.99 billion included two off-plan villas each for over AED19 million, and three off-plan apartments between AED18-19 million.
The highest volume of activity came in the AED5-10 million sector, which saw 650 sales transactions valued at AED4.54 billion, including seven off-plan apartments each selling for over AED9 million.
Added Talal: “When you study the data, as we have been doing since the start of the conflict, you see a continued flow of capital into high-value off-plan properties. This reflects a buyer profile that is typically long-term in outlook and less influenced by short-term factors.
“These people are highly selective and strategic, and their continued activity at this time reinforces Dubai’s position as a global destination for premium real estate investment.”
