Location Sales Trend: Downtown Dubai
Downtown Dubai is one of the most sought-after locations in Dubai, known for its luxurious living and iconic landmarks such as the Burj Khalifa and Dubai Mall. In this location, the average rate per square foot for properties has maintained a steady trend over the past year, with a slight increase in Q1'22.
In Q1'22, the average rate per square foot for properties in Downtown Dubai was 2354 AED, which decreased to 2133 AED in Q2'22. This trend continued in Q3'22, where the average rate per square foot was 2095 AED. However, in Q4'22, there was a slight increase, with the average rate per square foot rising to 2309 AED. This trend continued into Q1'23, with the average rate per square foot reaching 2433 AED.
Apart from the average rate per square foot, the number of transactions in Downtown Dubai has shown a fluctuating trend. In Q1'22, there were 420 transactions, which significantly increased to 641 transactions in Q2'22. However, in Q3'22, the number of transactions decreased to 318, and further to 134 in Q4'22. This trend, however, showed a slight increase in Q1'23, with the number of transactions rising to 281.
Overall, the location sales trend in Downtown Dubai has maintained a steady trend in terms of the average rate per square foot. However, the number of transactions has shown a fluctuating trend, which could be attributed to various factors such as market conditions, buyer behavior, and availability of properties. Despite this, Downtown Dubai continues to be a popular location for luxury living and investment opportunities.
Dubai's Downtown area is known for its luxurious lifestyle, high-end shopping, and iconic landmarks. It's no surprise that some of the most expensive and prestigious real estate projects in the world are located in this area. Here are the top selling projects by value in Downtown Dubai.
1. The Residences Tower - With a sale and rent value of AED 523M and a current rate of AED 1,806, the Residences Tower is a luxurious residential building that offers breathtaking views of the Dubai skyline. It boasts of spacious apartments with high-end finishes and excellent amenities.
2. Damac Elegance Tower - Standing tall in Downtown Dubai, the Damac Elegance Tower has a sale and rent value of AED 510M and a current rate of AED 2,583. This 50-story tower offers stylish apartments, state-of-the-art amenities, and a prime location.
3. Shapoorji Pallonji Imperial Avenue - Despite a slight decrease of AED 5 in its change value, the Shapoorji Pallonji Imperial Avenue remains a sought-after project in Downtown Dubai. With a sale and rent value of AED 465M and a current rate of AED 1,864, it offers lavish apartments with exceptional facilities.
4. Emaar The St Regis Residences - The Emaar The St Regis Residences is a luxury residential project that offers breathtaking views of the Dubai skyline. With a sale and rent value of AED 359M and a current rate of AED 2,769, this project boasts of world-class amenities and services.
5. W Residences - The W Residences is a stunning residential project that offers unparalleled luxury living. With a sale and rent value of AED 329M and a current rate of AED 2,913, it features stylish apartments with top-of-the-line amenities and services.
6. Elite Downtown Residences - The Elite Downtown Residences is a luxurious residential project that offers a prime location in Downtown Dubai. With a sale and rent value of AED 329M and a current rate of AED 1,914, it offers residents an exclusive lifestyle with excellent amenities.
7. The Address Residences Dubai Opera - The Address Residences Dubai Opera is a premium residential project that offers a world-class lifestyle. With a sale and rent value of AED 137M and a current rate of AED 2,848, it boasts of spacious apartments, a stunning design, and excellent facilities.
8. Emaar Act One Act Two - Despite a slight increase of AED 106 in its change value, the Emaar Act One Act Two remains a top-selling project in Downtown Dubai. With a sale and rent value of AED 95M and a current rate of AED 2,606, it offers residents a luxurious lifestyle with excellent amenities.
9. Emaar Forte - The Emaar Forte is a luxurious residential project that offers a prime location in Downtown Dubai. With a sale and rent value of AED 75M and a current rate of AED 2,314, it features stylish apartments with exceptional facilities.
10. Emaar Burj Crown - The Emaar Burj Crown is a stunning residential project that offers a prime location and exceptional amenities. With a sale and rent value of AED 71M and a current rate of AED 2
Location Summary: Downtown Dubai
Downtown Dubai is a highly sought-after location in Dubai, known for its luxurious hotels, high-end shopping outlets, and world-class entertainment options. The area is also home to the iconic Burj Khalifa, the tallest building in the world, and the Dubai Mall, one of the largest shopping centers in the world.
Rental Rate: AED 288
The rental rate in Downtown Dubai is relatively high, with an average of AED 288 per square foot. This high rental rate can be attributed to the prime location of the area and the luxurious amenities it offers. The rental rate is expected to remain stable in the coming years, given the high demand for properties in this location.
Sales Transactions: 3,555
Downtown Dubai is a popular location for property buyers, with a total of 3,555 sales transactions recorded in the area. This high number of transactions can be attributed to the high demand for properties in Downtown Dubai and the attractive investment opportunities it offers.
Gross Sales Value: AED 7 Bn
The total gross sales value of properties in Downtown Dubai is estimated to be around AED 7 billion. This high sales value is a testament to the popularity of the area and the high demand for properties in this location.
Current Rate/Sq.ft: AED 2,363
The current rate per square foot for properties in Downtown Dubai is AED 2,363. This rate is relatively high compared to other locations in Dubai, indicating the high value of properties in this area. The rate is expected to remain stable in the coming years, given the high demand for properties in Downtown Dubai.
