Dubai's priciest deal for Q1-18 is a Dh60m Bulgari home
Two villas on Jumeirah Bay fetched Dh41.1 million and Dh36 million.
A 14,331 square feet Bulgari apartment on Jumeirah Bay sold for Dh60 million was the most expensive transaction in Dubai during the first quarter of 2018. Two villas on Jumeirah Bay fetched Dh41.1 million and Dh36 million.
Two units in Royal Atlantis Residences fetched Dh25 million and Dh21.3 million in the period, while a home in the Alef Residences was sold for Dh14.2 million, according to Luxhabitat. The 1/JBR saw one of its units sell for Dh12.97 million.
"There is still more demand in high-end residential projects direct from developers," said Brigitte Tenbergen, associate director of Luxhabitat. "They all have interesting payment plans in place plus prime locations - waterfront properties mainly.
"Secondary market properties are moving as well but with major price reductions. The property will need to be in good condition or needs to be upgraded and in a good community."
In the luxury apartment market, the three top performers were Dubai Marina (Dh1.09 billion), Downtown Dubai (Dh820.6 million) and the Palm (Dh558 million).
"Investors may realise more value from [an] increasingly rational secondary market," said Sally Ann Ghai, associate director, Luxhabitat. "Sellers [have] now reality-checked their asking prices compared to developers who are front-loading pricing in most prime off-plan developments. The question is whether offplan can hold these values on delivery under weight of supply?"
In Q1-18, offplan transaction volumes dropped 28 per cent from Q4 2017 to Dh5.8 billion.
"What I perceive as a general sentiment is that buyers are overwhelmed with the amount of projects in the market and in no rush," said Tenbergen. "They take their own sweet time and are demanding discounts/waivers as they are well aware that there will be an oversupply of properties in the market."
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