It appears that the previous narrative of the residential property sector of Dubai outpacing that of Singapore and London has become outdated.
This is because the city seems to be competing with itself, as there have been remarkable growth trends seen in areas, such as Al Barari.
There was a whopping 400% increase in property investment deals in the first nine months of the year in Al Barari, while residential prices recorded a surge of 35% in the same time period.
The latest industry data shows that Al Barari managed to surpass some of the other districts that are highly sought-after where growth is concerned.
Known for its high-end apartment projects and opulent villas, Dubai’s ultra-affluent enclave also stood out for attracting a greater number of billionaires for every square foot as opposed to other prestigious areas.
These affluent global investors belonged mostly to Europe. The growth rates have been notably lower in other coveted neighborhoods in the emirate that offer super-luxury residential properties.
These neighborhoods include Arabian Ranches, Emirates Hills and Palm Jumeirah. This lower growth rate applies to price appreciation, as the increases were around 27% or less from January to September.
According to the data, the price per square feet for 5-bedroom properties in Al Barari saw a 35% rise in their price.
In January, the prices had stood at AED1,186, but they skyrocketed to a whopping AED1,611 by August 2023.
Property investment deals have also seen a staggering increase of 400% that are valued at more than AED10 million from January through September.
This was mostly from cash buyers and this has made Al Bararione of the most desired postcodes in Dubai when it comes to an eco-friendly and super luxury lifestyle.
Data shows that the average value of a transaction was around AED30.15 million, with a price of AED72 million charged for the most opulent villa.
Most of these transactions involved villas in Al Barari, which highlighted the preference of ultra-high net worth (UNHW) investors for luxury, privacy and space.
The report further revealed that amongst the high-caliber buyers who purchased super luxury homes in Al Barari were mostly European investors.
The investor flavor seemed to be Luxembourgish in the region, as Europeans mostly from the Netherlands and the United Kingdom, were the ones investing in Al Barari.
In addition, there was also an influx of Russian investors in Dubai’s real estate market. The increase of elite investors in the emirate’s residential property sector also highlights a new trend.
It makes it apparent that the ultra-rich are not just searching for grandeur, but are also looking for a harmonious combination of eco-consciousness and luxury that places like Al Barari can offer.
The charm of Al Barari is expected to increase further because of opulent residential projects that have been planned for it, such as that of Gilles Bindels.
These promise superior returns to billionaire investors. Serenity is the latest masterpiece from Bindels, which is considered an epitome of luxury.