Palm Jumeirah, Emirates Hills and Il Primo development in the Downtown area of Dubai were the most expensive areas in terms of real estate sales in the second quarter of 2019.
This data was published recently by the Luxhabitat agency.
The top five most expensive real estate properties sold in Q2 included four units on the
The apartment in the exclusive complex The One on Palm Jumeirah was the most expensive apartment sold in Q2 in Dubai for a whopping AED74 million. The second place in this list of the most expensive real estate properties sold was taken by a villa in Emirates Hills sold for AED64 million. Two apartments in the Il Primo took the third and fourth positions in this rating, bringing Emaar AED63.412 million and AED57.65 million, respectively.
A study of the state of the Dubai property market since the beginning of the year conducted by Luxhabitat also showed that, general residential real estate prices in the emirate decreased by 6.34 per cent in the six months of 2019.
The most notable decrease in prices was seen in such areas as Palm Jumeirah (-19.5%),
The only locations that were able to withstand this general trend were Al Barari and Downtown, demonstrating an 8% and 5% increase in housing prices in the first half of the year, respectively.
“Presumably, a moderate decline in prices at the Dubai property market may continue until the end of 2019, mainly due to the growth in the volume of offers and the slowdown in the largest economy sectors’ growth. But despite this trend, we expect a healthy demand for real estate units. Now that the Dubai properties are becoming more accessible, the market is showing the most favorable conditions for tenants and investors, ”concluded Michelle Liddiard, a specialist in the
He also noted that a number of new incentives, such as long-term visas and newer regulations more favorable for investors contribute to the fact that many international companies and large investors are exploring the newly discovered opportunities to expand their activities in Dubai the market.
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