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A penthouse on the Palm sold for AED 102 mln was the costliest Dubai's property transaction in 2017. Read more to find, what were the other priciest deals, and what Dubai areas buyers favored the most.
Year 2017 passed under off-plan sales domination. No only off-plan sales overrated deals with ready-made units for the first time in Dubai’s history, but also projects under construction invaded both the affordable and the prime segments of the Dubai residential market in 2017.
The total off-plan sales deals registered in Dubai’s prime residential communities amounted to AED16 billion, according to Luxhbitat. was the most demanded area in terms of sales of units under construction (worth AED5.8 billion in total), followed by Dubai Creek Harbour (AED2.9 billion) and Mohammed bin Rashid City (AED2.7 billion).
A penthouse on the man-made island of acquired for AED102 million became the priciest deal in Dubai's property market in 2017, while two villas at Emirates Hills sold for AED95 million and AED90 million, respectively, shared the other two steps of the costliest property transactions podium. We’ve already revealed of Dubai in our previous articles.
Brigitte Tenbergen, associate director, Luxhabitat, said: "There has been a strong demand for off-plan — especially in the higher segment and mostly situated on the beachfront. Most of these developments will be handed over in 2018 or mid 2019."
The secondary market, however, also managed to hold its own. The most expensive ready apartment was sold for AED36 million at the Volante, followed by AED30 million worth unit at the Five Palm Jumeirah. An apartment at the Le Reve tower was sold for AED29.7 million, while the priciest transaction for a Burj Khalifa unit in 2017 was an apartment acquired for AED24.8 million.
The total real estate transactions volume in 2017 for the secondary prime residential market amounted to AED13.1 billion, which is a 10 per cent higher than the amount of 2016.
Apartments took 82 per cent of the total property transactions number in 2017 in Dubai. The top three performing areas were the transacting AED3.34 billion, followed by the (AED2.32 billion) and (AED1.54 billion). These three areas account for 42 per cent of the secondary prime residential market, says Luxhabitat.
The average price per square feet has slightly increased. In 2017, the per square foot price for prime residences stood at a point of AED1,482. This figure is comparable to the same level as of Q4 2015.
Concerning big investments in Dubai real estate in (starting from USD 1 million) related to the acquisition of entire buildings, shops and restaurants, please contact the Head of IMEX Real Estate and Investment Department Chairman at the Russian Business Council Oleg LAVRIK on:
+971 502528188 (Viber, WhatsApp, Telegram, IMO)
IMEX REAL ESTATE BROKER LLC UAE
Office 2502, Marina Plaza, Dubai Marina, Dubai, UAE
Tel. +971 4 395 1911
Email: oleg@imexre.com
Skype: resident69
