The four-bedroom apartment in Le Reve, Dubai Marina which is on
the market for Dh72 million. (SUPPLIED)
Asking prices of “ultra luxury” properties in the UAE, priced at over Dh50
million, have gone up by 15 per cent in the last one year.
However, selling these bespoke properties, is no longer an easy task.
“It seems prices in luxury villa developments have increased, in general.
If prices are not “realistic”, it could takes anywhere between six months and two years to get a buyer.
“Depending on the asking price versus perceived market price it can take six months to two years.”
Luxhabitat, a UAE-based company that specialises in selling/renting luxury properties, claims to sold several properties of Dh40 million-plus in the last 18 months.
According to Terry, majority of the transactions done by the high net worth individuals is in cash.
The costliest apartment listed on their website is a four-bedroom apartment (14,350 square feet) in Le Reve, Dubai Marina for Dh72 million.
The second costliest is again in Le Reve, a six-bed, 13,400 square feet, apartment for Dh65 million.
Next to set you back a few million are three in Emirates Hills — a six-bed in Sector V for Dh55 million, while a seven-bed in Sector E and a nine-bed in Sector L are listed for Dh50 million each.
Earlier this month, Emirates 24|7 was the first to report that a 45,000-square feet mansion, built on four plots (60,000 square feet) at the tip of one of the fronds on the Palm Jumeirah, was up on sale for Dh250 million and is possibly “the costliest property ever advertised for sale in Dubai.”
The mansion, currently owned by a high-profile businessman, has 10 en-suite bedrooms, a 20-seat private cinema room of 1000 square feet, a gymnasium, four majlis rooms, two study rooms, 2 family rooms, steam, sauna and spa rooms, indoor and outdoor swimming pools, production kitchen, separate family and private dining rooms, storage rooms and garage for six cars.
Myles Bush, owner of Power House Properties, had said: “We are the ‘chosen’ selling agent and this is, of course, the costliest properties sold in Dubai. We are making sure that we show the mansion only to high profile clients.”
Click here for an exclusive peek inside the Dh50 million-plus luxury properties
Property prices for villas in Dubai have been on the rise since the beginning of the year. Asteco, a Dubai-based real estate consultancy, said, in July, prices in Arabian Ranches increased 16 per cent in the second quarter over the first quarter, while the Springs rose 14 per cent and Jumeirah Islands (11 per cent).
Palm Jumeirah remained the most expensive locality at Dh17,200 per square metre, followed by Jumeirah Islands and the Meadows priced at Dh10,750 and Dh10,250, respectively. The lowest prices were for Jumeirah Village at Dh5,400 per square metre.
However, selling these bespoke properties, is no longer an easy task.
“It seems prices in luxury villa developments have increased, in general.
(The six-bed apartment in Le Reve on sale for Dh65
million SUPPLIED)
“Since there is no real market price for luxury properties, we believe it has
gone up probably between 10 and 20 per cent,” David Terry, Luxury Sales Manager,
Luxhabitat, told Emirates 24|7.If prices are not “realistic”, it could takes anywhere between six months and two years to get a buyer.
“Depending on the asking price versus perceived market price it can take six months to two years.”
Luxhabitat, a UAE-based company that specialises in selling/renting luxury properties, claims to sold several properties of Dh40 million-plus in the last 18 months.
According to Terry, majority of the transactions done by the high net worth individuals is in cash.
The costliest apartment listed on their website is a four-bedroom apartment (14,350 square feet) in Le Reve, Dubai Marina for Dh72 million.
The second costliest is again in Le Reve, a six-bed, 13,400 square feet, apartment for Dh65 million.
Next to set you back a few million are three in Emirates Hills — a six-bed in Sector V for Dh55 million, while a seven-bed in Sector E and a nine-bed in Sector L are listed for Dh50 million each.
Earlier this month, Emirates 24|7 was the first to report that a 45,000-square feet mansion, built on four plots (60,000 square feet) at the tip of one of the fronds on the Palm Jumeirah, was up on sale for Dh250 million and is possibly “the costliest property ever advertised for sale in Dubai.”
The mansion, currently owned by a high-profile businessman, has 10 en-suite bedrooms, a 20-seat private cinema room of 1000 square feet, a gymnasium, four majlis rooms, two study rooms, 2 family rooms, steam, sauna and spa rooms, indoor and outdoor swimming pools, production kitchen, separate family and private dining rooms, storage rooms and garage for six cars.
Myles Bush, owner of Power House Properties, had said: “We are the ‘chosen’ selling agent and this is, of course, the costliest properties sold in Dubai. We are making sure that we show the mansion only to high profile clients.”
Click here for an exclusive peek inside the Dh50 million-plus luxury properties
Property prices for villas in Dubai have been on the rise since the beginning of the year. Asteco, a Dubai-based real estate consultancy, said, in July, prices in Arabian Ranches increased 16 per cent in the second quarter over the first quarter, while the Springs rose 14 per cent and Jumeirah Islands (11 per cent).
Palm Jumeirah remained the most expensive locality at Dh17,200 per square metre, followed by Jumeirah Islands and the Meadows priced at Dh10,750 and Dh10,250, respectively. The lowest prices were for Jumeirah Village at Dh5,400 per square metre.
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