Ryan Almond & Ellie Street – Senior Property Consultants & Al Barari Specialists at Maria Morris Real Estate in Dubai
In this post-summer period, the landscape for Dubai’s prime and super-prime real estate market remains positive, with the average sales price for properties in Dubai experiencing a year-on-year increase of 52% from August 2022 to August 2023 (Source: Arabian Business).
Dubai is now witnessing intense competition within itself in prime and super-prime neighbourhoods. Stand-out communities such as Al Barari are experiencing remarkable growth rates, with recent industry data showing that for the first 9 months of 2023 it boasts an astonishing 400% increase in property investment deals and a 35% surge in residential prices. This performance has even surpassed other highly sought-after iconic property locations in terms of growth, such as Palm Jumeirah and Emirates Hills.
In Dubai’s thriving real estate landscape, the demand for turnkey luxury villas is continuing to rise, and Al Barari has solidified its position as a prime destination amongst local and in particular, international buyers. 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.
The Al Barari market is experiencing activity from both investors and end-users and with such a wide variety of property types available, the area caters to different preferences and needs, whether someone is looking for apartments, penthouses, duplexes, modern contemporary or traditional style villas.
Dubai Brokerage firm Maria Morris Real Estate have had an extremely impressive 2023 so far, with some highlight transactions in Al Barari, including the sale of 2 luxury villas for AED 42million, which are the joint second highest transactions ever in Al Barari (Source: Dubai Land Department). This again reflects Al Barari's position as a prominent luxury destination. In Al Barari’s popular Seventh Heaven sub-community so far this year, MMRE have represented 71% of the apartments sold there and have completed 48 sales and rental transactions in the community.
With a 111% price increase since January 2022, Al Barari is now on par with Dubai’s established prime areas that have seen capital values grow by 125% during the same period, showing that the allure of Al Barari continues and high-net-worth clientele are seeking well-designed, quality villas within the community.
These two AED 42 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. Earlier this year, the Dubai Land Department highlighted that Al Barari continues to see a very positive volume sales growth Quarter on Quarter of 167.53%, valued at AED 926 million and is now further aligning itself at the top tier of Dubai’s renowned Super-Prime neighbourhoods of Emirates Hills, Palm Jumeirah and Jumeirah Bay.
The outlook for Al Barari indicates a sustained growth trajectory, underlining its untapped potential within the community and despite notable transactions, Al Barari remains undervalued in comparison to other residential areas in Dubai. 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 percent lower.
The ongoing developments and the forthcoming construction of mansion plots and custom mansions will be key drivers of Al Barari's continued expansion. The unique combination of value, quality, space, luxury, and exclusivity found in Al Barari homes, positions them to command higher premiums, which could even see them achieve transaction values that parallel those observed in areas such as Palm Jumeirah and Emirates Hills.