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21 April 2024

10 costliest houses sold in Dubai in 2012: Dh34.7 million apartment tops

By Parag Deulgaonkar

Dubai Marina and Palm Jumeirah topped the list of biggest residential real estate deals registered in 2012.

The costliest transaction was an apartment in Le Reve (French for ‘The Dream’), in Dubai Marina, which sold for Dh34.7 million, according to information provided by Reidin.com to Emirates 24|7.

The apartment was bought at the Dubai Land Department’s November public auction.

Four of the top 10 biggest deals took place in the ultra-luxury tower, comprising only penthouses, totaling over Dh90 million.

An apartment in Ocean Heights, Dubai Marina, sold for Dh25.55 million, and was the second costliest transaction, followed by an apartment in Kempinski Palm Jumeirah Residences, selling for Dh23.41 million.

Two villa transactions on the Palm Jumeirah valued at Dh22 million and Dh21.12 million made it to the fourth and fifth place, respectively.

An apartment in Le Reve that sold for Dh20.5 million came in sixth, followed by sale of a unit in Kempinski Palm Jumeirah Residences for Dh19.14 million.

A Le Reve apartment for Dh18.5 million was in eighth place and the ninth and tenth slots were shared by an apartment in Le Reve and Bayside Residence in Dubai Marina for Dh18 million, respectively.

Reidin.com is an exclusive and primary data source for real estate markets in the emerging countries.

In 2011, the largest residential real estate transaction was registered in Burj Khalifa, the world’s tallest building, with the price topping Dh28 million.

In the fourth quarter 2012 report, Jones Lang LaSalle said asking apartment sale prices in 2012 went up by 12 per cent in prime buildings within established locations year-on-year, while asking prices for villas have increased by 24 per cent year-on-year.

“Villa sales prices are expected to continue their upward trend during 2013 in well-established prime areas,” the global real estate consultancy has said.

Citibank, in a report issued in October, stated recovery of Dubai’s real estate sector was in line with the wider economic upturn and strong economic fundamentals of the emirate.

It emphasised that Dubai’s economic rebound and improved investor sentiment had breathed life into the real estate market in recent months with the volume and value of real estate transactions carried out in the emirate mushrooming since the beginning of the year.