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Dubai: Al Barari’s meteoric ascent in luxury living

As Dubai’s residential property narrative evolves, Al Barari emerges as the vanguard of unprecedented growth, surpassing its own past triumphs

Al Barari’s meteoric ascent in luxury living

The previous narrative of Dubai’s residential property sector outpacing that of London or Singapore has become outdated. Instead, the city is now in competition with itself, with areas like Al Barari demonstrating unprecedented growth trends.

During the first nine months of 2023, Al Barari witnessed a staggering 400% surge in property investment deals and a 35% increase in residential prices, surpassing other highly sought-after districts in terms of growth, according to the latest industry data.

This ultra-affluent enclave in Dubai, renowned for its opulent villas and high-end apartment projects, also stands out for attracting more billionaires per square foot than any other prestigious area favoured by global investors, primarily from Europe.

In contrast, other coveted neighbourhoods for super-luxury residential properties in the city, such as Palm Jumeirah, Emirates Hills, and Arabian Ranches, have experienced notably lower growth rates, especially in terms of price appreciation, with increases hovering around 27% or less during the January-September period.

“Data reveals a notable 35% upswing in Al Barari’s price per square foot for 5-bedroom properties, skyrocketing from $323 in January to a staggering $439 in August 2023,” revealed Charlie King, Partner at Allsopp & Allsopp.

The report also showed a whopping 400% surge in property investment deals exceeding $2.7 million from January through September 2023, exclusively from cash buyers in Al Barari.

“The average transaction stands at an impressive $8.2 million, with the most opulent villa fetching a whopping $19.7 million,” King explained, adding that the majority of these transactions comprised villa units, showcasing the desire for space, privacy, and luxury typical of UHNW (ultra-high-net-worth) investors.

“Today’s ultra-rich aren’t just seeking grandeur, they’re investing in a harmonious blend of luxury and eco-consciousness that few places, other than Al Barari, offer,” King added.

Dubai made history in 2023 by becoming the world’s leading luxury property market, generating close to $850 million and topping cities like London, New York, and Paris.