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02 March 2024

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

By Parag Deulgaonkar

An apartment sold in Burj Khalifa, the world’s tallest tower, has topped the list of the 10 biggest apartment deals completed in first quarter 2014.

A 11,355-square feet apartment in Burj Khalifa sold for Dh60 million, or Dh5,284 per square feet, in February, according to data provided by Reidin.com to Emirates 24|7.

The second position was taken by a 6,887-square feet apartment in Dream Palm Residence, Palm Jumeirah, which was sold for Dh15.50 million followed by a 10,254-square feet unit in Marina Residences - 5, Palm Jumeirah, selling for Dh15 million.

Taking the fourth place was a 9,000-square feet unit in Marinascape Towers, Dubai Marina, which sold for Dh12.6 million, while on the fifth place was a 5,645-square feet apartment in 23 Marina, Dubai Marina. The unit was purchased for Dh11.5 million.

23 Marina Pic: Imre Solt 

A 1,732-square feet unit in the Address Downtown Hotel (Lake Hotel) sold for Dh11.45 million, taking the sixth spot, while the seventh biggest deal was a 2,499-square feet unit in Al Bahar Residences, Downtown Dubai, for Dh10.20 million.

Units in Burj Khalifa (2,663 square feet), the Address Downtown Hotel (Lake Hotel, 1,732 square feet) and The Address Dubai Marina (1,982 square feet) took the final three places on the list with the units selling for Dh10.19 million, Dh10.15 million and Dh10 million, respectively.

Emirates 24|7 reported earlier that an apartment sold for Dh42 million in Fairmont The Palm had topped the list of the biggest apartment transactions in 2013.

HSBC Global Research said in a new report that it expected residential property prices in Dubai to increase by 10 to 15 per cent in 2014.

“We forecast 10-15 per cent growth in prices from current levels in 2014 and relatively stable net yields at 4.5-5 per cent,” the bank said in a recent report.

The Address Dubai Marina Pic: Imre Solt

Residential sale prices rose 6.3 per cent in the year to February 2014 and are up 23.8 per cent in 2013, HSBC said.

Standard Chartered and Goldman Sachs Group have already stated that the Dubai property market growth was sustainable and there were no fears of a property crash.

JLL, a global property consultancy, too has ruled out an impending property bubble recently, saying, “the Dubai property market was ‘smarter’ this time with investors becoming more cautious and better regulations in place.”

Real estate transactions rose by 53 per to Dh236 billion from Dh154 billion in 2013 with Indians, Britons and Pakistanis topping the list of expatriate buyers, according to the Dubai Land Department data.