#Report: Business Bay Performance Q1 2019

Tremendous demand for luxury property in business bay 

 

Comparison Between Q1 2018 vs Q1 2019


Q1 2019
Total number of sales transactions:                   123   
Total Value of sales transactions:             251,815,413 AED
Highest value transaction:                         17,558,260  AED
Average Price per SQ.FT:                               1,322 AED

Q1 2018

Total number of sales transactions:                   134
Total Value of sales transactions:             171,284,004 AED 
Highest value transaction:                         3,625,000 AED

Average Price per SQ.FT:                              1,480 AED

 

Most Expensive Transactions Q1 2019

 

1-  Open plan penthouse,total BUA of 9,619 SQ.FT at The Atria Residences sold for 17,558,260 AED  

2-  2BR penthouse,total BUA of 5,048 SQ.FT at Volante Tower sold for 15,500,000 AED 

3-  2BR penthouse,total BUA of 5,043 SQ.FT at Volante Tower sold for 15,500,000 AED 

4-  2BR penthouse,total BUA of 5,043 SQ.FT at Volante Tower sold for 13,865,000 AED 

5-  4BR podium villa,total BUA of 5,438 SQ.FT at Executive Tower H sold for 5,550,000 AED

 

Analysts Note 

We are witnessing an increased demand for ultra luxury properties and that's proven here where the highest transaction recorded in Q1 2018 was for a 4BR apartment in Executive Tower H sold for 3,625,000 AED while more than 10 transactions recorded in Q1 2019 were above the 1,000,000 US Dollars figure ,two reasons are behind this tremendous increase in demand for luxury property, first is that multiple high end developments were recently built in Business Bay where HNWI & UHNWI (ultra high & high net worth individuals) chose as a new home , the second reason is the rise in the number of wealthy migrants to Dubai as per the report of the Global Wealth Migration for 2019 about 2,000 high net-worth individuals moved to the UAE in 2018.
 
The numbers mentioned above are excluding land sales.

 

 

 

 

Source : Research Team Through DLD/ Price Finder