The most expensive property in Dubai in 2019 was sold at MBR City

The most expensive Dubai real estate transaction was registered for a villa in Mohammed Bin Rashid City, Dubai's largest residential area. This property even outstripped a US $ 20.14 million penthouse on the man-made island of Palm Jumeirah by value.

Selling this premium, ready-to-move-in villa in the District One residential community, which is still under construction in MBR City shows that investors are currently looking for options outside the well-developed areas of the city, because it is this choice that best suits their needs and financial capabilities.

As a result, this trend may attract more investors’ interest to the District One, as well as to another community that is at a rather advanced stage of development — Dubai Hills.

As for the Emirates Hills, where some of the most expensive deals have been recorded recently, this area took third place in the rating by Luxhabitat agency in terms of the number of the most expensive real estate units sold in 2019. Moreover, a villa in Sector V was sold for whooping US$ 17.42 million here.

According to experts, in a limited prime real estate market, there is still a fairly stable level of transactions with super-premium housing. But, given market conditions, sellers here are also forced to moderate their expectations a little.

Another tower under construction in the city center — the Il Primo — took fourth and fifth places in the super-expensive real estate sales ranking with apartments sold for US$ 17.26 million and US$15.69 million. Another residence worth US$11.85 million in the same building took the 10th place in the rating.

And, of course, wealthy buyers of luxury real estate in Dubai remain unchanged in their preferences as for housing on the man-made island of Palm Jumeirah. In addition to the unit worth US$20.14 million in the One Palm project, two villas on the island were sold for US$13.88 million and US$12.93 million, respectively.

Thus, the Top 5 most expensive properties sold in Dubai this year include:

1. Villa at District One in MBR City sold for US$24.5 million
2. A Palm Jumeirah Penthouse worth US$19.32 million
3. Villa in Sector V of the Emirates Hills sold for US$17.42 million
4. Apartment in the Il Primo tower in Downtown area worth US$17.26 million
5. And another apartment in Il Primo sold for US $ 15.69 million

According to Luxhabitat, the Dubai luxury housing sales totaled US$2.77 billion in the Q3, which is about 16% per cent lower than the second quarter totals. But, in general, this is quite natural, when the decline in customer activity in the third quarter follows a summer peak, experts say.

As for locations, Mohammed Bin Rashid City, where total sales exceeded US$544 million, was the best choice for property buyers so far this year. This is followed by Downtown Dubai sales worth US$381 million in total, and Dubai Creek transactions with a total of US$243 million. Also, between July and late September, in areas such as Bluewaters Island, Madinat Jumeirah Living and Jumeirah, sales more than doubled, according to Luxhabitat.

To always stay up to date with the latest analytics data and real estate prices in Dubai, subscribe to our newsletter using the form below. And in order to sell, lease or buy/ rent housing or commercial properties in Dubai, contact IMEX Real Estate. Our contacts:

Tel. in Dubai, UAE: +971 (50) 2528188 (Whatsapp, Viber, Telegram)

Toll Free Dubai: 800-IMEX (800-4639)

IMEX REAL ESTATE BROKER LLC, UAE

Office 2502, Marina Plaza, Dubai Marina, Dubai, UAE

Email: pm@IMEXre.com