Downtown Dubai sees Q2's biggest deal

06.08.2014
While growth may have slowed down, there's no shortage on mega property deals in Dubai; in fact, an AED35 million apartment marked the second quarter's biggest deal. An AED35million transaction was the biggest property deal of 2014's second quarter for an apartment in The Address Downtown Hotel (Lake Hotel), Downtown Dubai.
Emirates 24/7 reported that the second costliest transaction also took place in The Address Downtown Hotel (Lake Hotel), with an apartment selling for AED23.08m.
Data provided by Reidin.com revealed that the third place was taken by a unit in Attareen Residences, Downtown Dubai, which was sold for AED17.80m. On the fourth and fifth position was an apartment sale in Kempinski Palm Jumeirah Residences and Silverene Towers A in Dubai Marina for AED17.64m and AED17m, respectively.
Four of the top 10 deals took place in Downtown Dubai, with three each in Dubai Marina and Palm Jumeirah, Reidin.com data reveals.
But in the first quarter, an apartment sold in Burj Khalifa had topped the list of the 10 biggest apartment deals completed in first quarter 2014.
In its latest report, Knight Frank, a UK-based consultancy, said luxury property prices had seen annual price growth slip from 11.7% in Q1 2014, to 6.3% in Q2 2014, however, prices are expected to strengthen during the second half of the year.

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