The luxury residential real estate market in Dubai’s Al Barari district is poised for steady growth. According to a recent industry report, home prices in this area are still 20-30% lower than some of the more high-end locations in the city, like Dubai Hills, Jumeirah Golf Estates, and Emirates Hills.
Al Barari homes offer a unique blend of value, quality, space, luxury, and exclusivity. This distinctive combination positions them to command higher premiums, potentially reaching transaction values comparable to those seen in areas like Palm Jumeirah and Emirates Hills, as stated in the report from the Dubai brokerage firm Maria Morris Real Estate.
“When juxtaposed with property deals in Dubai Hills, Jumeirah Golf Estates or Emirates Hills, Al Barari stands out as a compelling choice, offering prices per square foot that typically sit 20 to 30% lower,” it said, adding that despite notable transactions, the area – billed as a preferred destination for billionaires – remains undervalued in comparison to other residential areas in Dubai.
“The ongoing developments and the forthcoming construction of mansion plots and custom mansions will be key drivers of Al Barari’s continued expansion, Ryan Almond and Ellie Street, Senior Property Consultants & Al Barari Specialists at Maria Morris Real Estate, said.
“With a multitude of luxury villas set to be completed from now until the end of the year and into Q1 2024, buyers are discovering exceptional value for money in Al Barari’s community, where purchasers are also lured in by the idyllic family community, lush greenery and lakes, setting it apart from other hotspot areas in Dubai,” they said.
Increase in capital value
According to the report, Al Barari has experienced a significant 111% price increase since January 2022. This growth has brought Al Barari in line with Dubai’s well-established prime areas, which have also witnessed a capital value increase of 125 percent over the same period.
The brokerage firm said the Al Barari market is currently experiencing increased enquiries from both investors and end-users as it offers a wide variety of property types.
“The area caters to different preferences and needs – whether someone is looking for apartments, penthouses, duplexes, modern contemporary or traditional style villas,” the report said.
Maria Morris Real Estate said it had an extremely impressive 2023 so far, with some highlight transactions in Al Barari, including the sale of 2 luxury villas for AED42 million – reportedly the joint second highest transactions ever in Al Barari, according to Dubai Land Department.
The firm also said it represented 71% of the apartments sold in Al Barari’s popular Seventh Heaven sub-community so far this year.
“These two AED42 million villa transactions in the community also re-affirms the fact that ultra-premium, luxury properties remain the most in demand commodity in the Dubai real estate market amongst local and global buyers, compared with other key global property hotspots such as London, Singapore, Miami and Tokyo,” it said.
Source : ConstructionWeek