Revealed: 10 biggest property deals in Dubai so far

Emirates Hills, an upscale villa development in Dubai, is continuing to attract the world’s rich and wealthy, with the Emaar Properties’ development, registering seven of the top 10 biggest transactions in the first quarter 2016.

The total of the seven deals was a whopping Dh223 million, followed by Nakheel’s Palm Jumeirah, which recorded two transactions, totaling Dh145.59 million.

A Dh53 million deal in Emirates Hills, registered with the Dubai Land Department in January 2016, topped the chart with an average per square foot price of Dh2,461. Taking the second and third place were again two transactions in the same community, with closing prices at Dh50 million and Dh45.90 million, respectively.

A Dh38 million deal on Palm Jumeirah took the fourth place, with Emirates Hills back on the fifth, sixth and seventh place with deals valued at Dh30.75 million, Dh30 million and Dh19.75 million, respectively .

The eighth and ninth slot went to transactions on Palm Jumeirah with closing prices at Dh19.50 million and Dh18.20 million, respectively. The Lakes, another development by Emaar, took the last place with a Dh18 million deal.

The Dubai Land Department has revealed that total real estate transactions reached Dh55 billion in the first quarter 2016. The total value of transactions rose 22.5 per cent to Dh267 billion in 2015, compared to Dh218 billion in 2014.

“We expect to touch Dh300 billion in real estate transactions in 2016,” Dubai Land Department Director-General, Sultan Butti Bin Mejren had told Emirates 24|7 on the sidelines of the ‘Cinder Dubai 2016’.

When asked about reports from local and global property consultancies predicting “slowdown”, Bin Mejren said: “People talk of a correlation between lower oil prices and property, but we haven’t seen any such thing. People are buying and not all of them have any business with oil. There are a lot of investors with money who have trust in Dubai.”

Dubai is the host city for Expo 2020, which will run for a period of six months, starting October 20, 2020 till April 10, 2021. It aims to draw more than 25 million visitors, expecting Dh25 billion in total investment in infrastructure-related projects and create 277,000 new jobs.

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