- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:26 05:44 12:20 15:47 18:50 20:08
The deal for the villa in Dubai Investment Park Second was registered in December. Image is for illustrative purpose only. (FILE)
Dubai's biggest residential property deal in 2010 was registered with the Dubai Land Department (DLD) for Dh28 million for a villa in Dubai Investment Park, said information provider Reidin.com.
According to the data provided to Emirates 24|7, the deal for the villa in Dubai Investment Park Second was registered in December. Next to follow were an apartment each in Business Bay and Dubai Marina for Dh26.78m and Dh15.66m, respectively. The apartments were registered in October and December, according to the data provider.
The biggest purchase on Palm Jumeirah was for Dh10.5m, which was registered in November. Of the top 24 deals this year, 10 were in Dubai Marina, seven in Business Bay and six in Palm Jumeirah. The sales could have been concluded in the past, but were registered with the DLD in 2010.
Last week, Reidin.com said overall Dubai residential sales prices were down by a nominal 3.2 per cent month-on-month in November. Apartment prices declined by 1.12 per cent, while villa prices fell 0.81 per cent.
In November, Emirates 24|7 had reported that Indians topped the list of expat real estate buyers in Dubai, having purchased properties worth Dh9.3 billion, 19 per cent to the total investment in the first eight months of 2010.
Total property investment during the period stood at Dh48.9 billion. Britons were ranked second with property purchases worth Dh5.6 billion, 11.5 per cent of the total investment. Iranians and Canadians followed with purchases worth Dh4.4bn and Dh1.35bn, respectively.
Mohamed Alabbar, Chairman of Emaar Properties, has said that Dubai is oversupplied, but the situation is likely to correct itself within the next 20 months.
However, Landmark Advisory said that residential values may fall as much as 20 per cent more by the end of 2012 if new homes are built as planned. About 48,000 homes will be ready and enter the market in the next two years, or about 12 per cent of existing supply, the property consultancy predicted.
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