A 14,349-square feet unit in Le Reve tower in Dubai Marina topped the list of the most expensive deals for apartments in Dubai last year.
The luxury unit was sold for $8.09 million (AED29.70 million) in November 2016, according to data shared by Reidin.com with Arabian Business.
Palazzo Versace registered the second most expensive deal, closing at $7.88m (AED28.95m) followed by an apartment in The Address Downtown Hotel (Lake Hotel) selling for $6.87m (AED25.25m).
Anantara Residence (Resort and Spa) on Palm Jumeirah took the fourth place with a value of $6.67m (AED24.50m).
Palazzo Versace in Culture Village registered five of the top 20 biggest apartment deals for 2016, totalling $24.34 million (AED89.34 million) in 2016, placed 5th, 7th, 11th and 15th on the list, with individual transactions worth $5.44m (AED20m), $4.29m (AED15.75m), $3.49m (AED12.84m) and $3.21m (AED11.79m), respectively.
The sixth place went to D1 Tower, a tower in Culture Village, with the unit selling for $4.90m (AED18m).
While placed eighth on the list, the apartment in Armani Residence in Burj Khalifa, Downtown Dubai, fetched the highest price per square foot of $1,955 (AED7,181). The transaction was closed at $4.25m (AED15.6m). Another Armani unit was sold for $2.86m (AED10.50m), making it the 19th most expensive deal.
The final two places went to flats in Al Bateen Residence in Jumeirah Beach Residence, with transactions of $3.68m (AED13.5m) and $3.54m (AED13m), respectively.
UK-based Knight Frank said last week property prices in Dubai were expected to “move up” from mid-2017 as preparation for Expo 2020 goes ahead in full steam, but consultancies such as Phidar Consultancy believed the “recovery phase to be far off”.
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