Australia reached 317-3 with six overs to spare after bowling England out for 315 in 49.4 overs
cricket11 hours ago
The prime residential market in Dubai beat the overall residential market by nearly doubling the volume of sales from Q4 in 2015. This quarter, the prime residential market completed Dh3.2 billion in sales compared to Dh1.6 billion in Q4 2015.
Communities considered as prime residences include Emirates Hills, Palm Jumeirah, Downtown Dubai, Dubai Marina, Jumeirah Islands, Meadows, Lakes, Victory Heights, Business Bay, Jumeirah Lakes Towers and Arabian Ranches.
The overall residential market on the contrary showed a decline in sales from the previous quarter, revealing a 16 per cent drop in total value of sales from Dh6.9 billion to Dh5.8 billion.
The increase in prime residential market sales can be atttributed to a slight decline in price points (in Dh/sqft) over the last quarter by one per cent compared to the overall residential market which declined by two per cent from the last quarter.
Ian Kirkby, luxury sales director at LuxHabitat, says there is a renewed interest among buyers. "The main reasons include the new accounting policies from private banking in European countries, changes in tax laws in India and the general global economic situation. A lot more ultra high net worth individuals are finding Dubai to be a safe haven for investing in properties."
In the prime residential market, apartments sold three times as much as villas, with Dubai Marina closing Dh578 million in sales, followed by Palm Jumeirah apartment sales at Dh341 million.
In the villa market, Emirates Hills dominated with Dh263 million in sales, followed by the Palm Jumeirah at Dh237 million and The Springs and The Meadows not far behind at Dh236.7 million.
Commenting on Dubai Marina's performance, Brigitte Tenbergen, Dubai Marina luxury sales specialist, says: "There is a lack of good quality units in the Marina. The good quality ones are less inelastic in terms of price compared to some other buildings."
According to Sally Ann Ghai, luxury sales specialist at Luxhabitat for the Emirates Living areas that include Emirates Hills, the Springs, Meadows and Lakes: "The end of 2015 saw a little bit of low hanging fruit opportunity in the Emirates Living area, but nothing too dramatic. There has been consistent interest from buyers over the last year, but many have been too opportunistic and not genuinely motivated."
- business@khaleejtimes.com
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