The costliest villas in Dubai were sold in Emirates Hills in 2013, with nine of the top 10 transactions taking place there, data shared exclusively by Reidin.com with Emirates 24|7 reveals.
The biggest villa deal took place in Emirates Hills, which sold for a whopping Dh67 million in 2013. The transaction, registered in September, saw the buyer paying Dh2,692 per square feet.
Of the top 10 villa transactions registered by Dubai Land Department, nine were in Emirates Hills and one on the Palm Jumeirah.
A villa sale in Palm Jumeirah took the second spot on the list, as the buyer paid Dh55 million, or Dh4,105 per square feet.
A 54 million, Dh52 million and Dh51 million transactions in Emirates Hills took the third, fourth and fifth position, respectively.
Prices for the transactions (third to 10th on the list) ranged between Dh1,200 and Dh3,600 per square feet.
Emirates Hills are luxury-detached villas that have been sold as plots to investor to build their properties on.
Reidin.com is an exclusive and primary data source for real estate markets in the emerging countries.
The Wealth Report 2013, produced by Knight Frank, a global property company, revealed that Dubai’s prime luxury properties were over 10 times lower than Monaco, the world’s most expensive residential property market.
At the beginning of the year, Craig Plumb, Head of Research, Jones Lang LaSalle Mena, while announcing the "Top Trends for the UAE real estate market in 2013", had said: "Price and rent recovery are likely to be more broader this year than 2012 when it was limited to few selected locations. We saw price growth in Dubai by 20 per cent in 2012... we will not see prices increasing 20 per cent this year, but overall rate of growth will be less than last year."