9,000sqft Palm Jumeirah villa sold for Dh51 million

2.5% Jump in average price per square foot in Downtown Dubai

dubai — A 9,000sqft villa in Palm Jumeirah was the most expensive unit sold in Dubai in the first-quarter of 2019, fetching Dh51 million.

According to high-end property brokerage firm Luxhabitat, the second costliest villas was sold for Dh50 million in Umm Suqeim with built-up area of 9,000 sqft.

After two villas, three Primo Apartment apartments of 11,407 sqft in Downtown Dubai were sold for Dh43.5 million, Dh42.9 million and Dh42.8 million, respectively. The firm revealed that the average price per square foot also went up, although by only 2.5 per cent.

Global real estate consultancy CBRE said in its latest report that average prime property price in Dubai is $548,338, more economical than Hong Kong, London, New York, Singapore, Paris and Sydney among major cities.

According to Luxhabitat’s analysis, more than 1,737 villas and 6,194 apartments were transacted in the first quarter of 2019; while the secondary-market saw transactions reaching Dh20.4 billion compared to Dh18.5 billion in Q4 last year, registering an increase of 10 per cent.

The prime residential market in Q1 2019 totalled Dh10.6 billion, which is approximately 44 per cent higher than the previous quarter.

The analysis defines the prime residential market as a residential market composed of properties that lie on the highend spectrum of the Dubai residential market.

The top 3 areas in terms of sales volume were Downtown Dubai (Dh2.3 billion), MBR City (Dh2.1 billion) and Business Bay (Dh1.2 billion).