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29 March 2024

Where was Dubai's costliest apartment sale?

Published
By Parag Deulgaonkar

Downtown Dubai, home to the world’s tallest tower, Burj Khalifa, and one of the largest malls in the world, Dubai Mall, registered the biggest property deals in the second quarter 2014.

An apartment in The Address Downtown Hotel (Lake Hotel), Downtown Dubai, sold for Dh35 million, topping the list of 10 costliest apartment deals for the second quarter 2014, according to data provided by Reidin.com to Emirates 24|7.

The second costliest transaction also took place in The Address Downtown Hotel (Lake Hotel), with an apartment selling for Dh23.08m.

The third place was taken by a unit in Attareen Residences, Downtown Dubai, which was sold for Dh17.80m. On the fourth and fifth position, was an apartment sale in Kempinski Palm Jumeirah Residences and Silverene Towers A in Dubai Marina for Dh17.64m and Dh17m, respectively.

Four of the top 10 deals took place in Downtown Dubai, with three each in Dubai Marina and Palm Jumeirah, Reidin.com data reveals.

But in the first quarter, an apartment sold in Burj Khalifa had topped the list of the 10 biggest apartment deals completed in first quarter 2014.

Read: How many millions did the top apartment in Dubai sell for?

In its latest report, Knight Frank, a UK-based consultancy, said luxury property prices had seen annual price growth slip from 11.7 per cent in Q1 2014, to 6.3 per cent in Q2 2014, however, prices are expected to strengthen during the second half of the year.

Two apartments sold in Emirates Crown Tower in Dubai Marina for Dh16m and Dh15.5m, respectively, took the sixth and seventh position.

Similarly, two units sold in Dream Palm Residence on Palm Jumeirah for Dh15.49m and DhDh14.49m, respectively, and The Residences9 (TZ) selling for Dh14.75m made it to the last three positions.

Dubai Land Department said earlier that real estate transactions rose by 4.6 per cent to Dh113 billion in the first six months of 2014 to Dh108 billion during the same period 2013.

Indians continued to remain top expatriate property buyers in with their investment reaching nearly Dh6bn in the first quarter 2014 followed by British citizens and Pakistanis who invested Dh3.145bn and Dh2.410bn, respectively.