Costliest property deal: Dh6,250 psf for Downtown Dubai apartment

Although the apartment sold in Downtown Dubai is ranked fifth on the list of the top 10 biggest apartment deals in the third quarter 2015, it is the most expensive unit sold on the basis of price paid per square feet in first nine months of the year.

The unit in The Address Downtown Hotel (Lake Hotel) in Downtown Dubai was sold for Dh17.20 million, or Dh6250 per square foot (psf), in August 2015, according to data shared by Reidin.com with Emirates 24|7.

In February 2015, a buyer had paid Dh6,223 psf for a unit in the same building. However, no details were available on the nationality of the buyers.

Topping the list of 10 biggest apartment deals for third quarter was an apartment on Palm Jumeirah, which was sold for Dh25.43 million.

The Fairmont Palm Residences. (Pic: www.ifahotelsresorts.com)

The sale, registered in September 2015, saw the buyer paying Dh3,357 per square feet for the 7,575 square feet apartment in The Fairmont Palm Residences.

Le Reve Tower in Dubai Marina registered the second and the third biggest deals with transaction values of Dh20.50 million and Dh19 million, respectively. Price per square feet for the two transactions were Dh3,255 and Dh3,017, respectively.

The Residence 9 (T2) in Downtown Dubai took the fourth place with the unit selling for Dh17.5 million. On the sixth place was a deal worth Dh13.66 million in Dream Palm Residence on Palm Jumeirah.

The seventh and eight position went to Le Reve Tower and The Address Downtown Hotel (Lake Hotel). The two transactions were worth 13.33 million and 11.35 million, respectively.

The Address Downtown Dubai Exterior. (Pic: www.theaddress.com)

The ninth place went to a unit sold in Princess Tower, the world’s tallest residential tower in Dubai Marina, for a price of Dh11 million, with the last place went to The Residence 4 (E1), which was sold for Dh9.50 million.

Earlier this month, Tasweek Real Estate Development, an Abu Dhabi-based real estate consultancy, said residential property prices fell 12.7 percent year-on-year in the third quarter of 2015, while JLL, a property consultancy, revealed prices were down 11 per cent in the past 12 months and were expected to fall further due to rising inflation, strong UAE currency and tighter regulations.

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