A GLOBAL PRIME RESIDENTIAL HOTSPOT

The city’s prime residential neighbourhoods, which encompasses, the Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, continue to dominate luxury home sales, with average transacted prices in these highly sought-after locations for US$ 10 million+ homes reaching AED 8,800 psf during Q1.

While Dubai’s prime neighbourhoods accounted for 64% of US$ 10 million+ home sales during Q1, other areas are also gaining prominence. They will likely be classed as ‘prime’ if they continue entrenching themselves as high-end neighbourhoods.

The Al Wasl-Dubai Canal corridor is one such location, with branded residential sales contributing to its emergence as a hotspot for ultra-high-net-worth-individuals (UHNWI) focused on securing the most expensive homes in the emirate’s most desirable neighbourhoods.

Tilal Al Ghaf is another neighbourhood that has quickly joined Dubai’s growing list of ultra-luxe areas. Three homes sold for over AED 90 million last year, and seven villas transacted for over US$ 10 million in Q1 of this year, strongly suggesting that Tilal Al Ghaf will soon meet our definition of a prime neighbourhood.

While most international UHNWI looking at Dubai are drawn to acquiring second homes on the coast, Tilal Al Ghaf has set a new benchmark for luxury living as an inland community that delivers on quality and amenities. The shortage of completed waterfront communities and the lack of development sites that can be easily activated suggests that such inland communities will continue to grow in prominence.