Dubai Villa Breaks Record Over Its $24 Million Sale

Published October 20th, 2019 - 07:41 GMT
(Shutterstock/ File Photo)
(Shutterstock/ File Photo)
Highlights
Dubai's most expensive house of 2019 - so far.

A Dubai villa has broken the record for the most expensive house sold in the city this year - so far.

Over 2,280 villas and 6,963 apartments were transacted within the third quarter of 2019 in the overall residential market. Volume of transactions in the secondary market was Dh10.8 billion, compared to Dh13.4billion in Q1 2019 (a 19% decrease), according to analysis by Luxhabitat based on data by Property Monitor.

A villa in Dubai's Mohammed bin Rashid City's District One sold for a whopping Dh90 million this year, according to the listing in the report.

The average price per square foot also went up by 2.5 per cent for secondary market units.

Curently, the average price per square foot in the overall market for villas is Dh802 per square foot and for apartments is Dh1,010 per square foot.

OFF-PLAN MARKET

Off-plan registration volumes increased by 17.3 per cent from the previous quarter to Dh8 billion.

The average price for an off-plan villa is Dh1.5 million and for an apartment Dh1.2 million.

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Top 5 expensive houses of 2019

- District One Villa, MBR City: Dh90m

- One, Palm Jumeirah penthouse: Dh74m

- Emirates Hills - Sector V: Dh64m 

- Il Primo, Downtown Dubai: Dh63.4m 

- Il Primo, Downtown Dubai: Dh57.7m

PRIME RESIDENTIAL MARKET

According to Luxhabitat's analysis, the prime residential market in Q3 2019 totalled Dh10.2 billion, which is approximately 16 per cent lower than the previous quarter.

Luxhabitat defines the prime residential market as a residential market composed of properties that lie on the high-end spectrum of the Dubai residential market.

Certain key areas that form part of this classification: Al Barari, Arabian Ranches, Downtown Dubai, Dubai Marina, Emirates Hills, Jumeirah, Jumeirah Beach Residence, Mohammed bin Rashid city, Jumeirah Golf Estates, Jumeirah Islands, Jumeirah Lakes Towers, Palm Jumeirah, The Lakes, Meadows and Victory Heights.

The top 3 areas in terms of sales volume were:

- MBR City (Dh2 billion)

-Downtown Dubai (Dh1.4 billion)

- Dubai Creek Harbour (Dh894 million).

Areas such as Bluewaters Island, Madinat Jumeirah Living and the Jumeirah area (especially areas such as Jumeira Bay), and Dubai Harbour have more than doubled sales from the previous quarter.

This article has been adapted from its original source.


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