The Address projects in Downtown, One at Palm Jumeirah make it to the Top 10 list
The $272-million (AED1 billion) 1/JBR, being built on the last piece of land in Jumeirah Beach Residence (JBR), registered the most expensive “off plan” apartment sale in Dubai last year.
The 3,361-square foot apartment in 1/JBR was sold for $8.08m (AED29.67m). The sale was handled by Gulf Sotheby's International Realty
"This is a development that any buyer, either as an end-user or investor will be able to consider as a primely located luxury tower on the beach in Dubai," said Leigh Williamson, the agent who handled the sale.
"The spacious 2 bedroom middle units being offered at the moment at excellent pricing and good payment plans with full sea views are the most sought after. With the recent announcement of the contractor being awarded and construction in full swing, 1/JBR is set to be the unrivalled tower along the beach front for many years to come."
Last week, it was reported that Dubai Properties had awarded the main construction contract for the 46-storey luxury tower, which is slated for completion in Q4 2019.
In the list of top 10 costliest “off plan” properties sold, Downtown Dubai dominated the list, with six of the sales recorded in the shadow of the Burj Khalifa.
Sales at The Address Residences Dubai Opera (Tower 1) were placed second, third and fifth spot on the list, with transactions valued at $7.46m (AED27.39m), $6.99m (AED25.68m) and $6.73m (AED24.73m), respectively. A $6.79m (AED24.93m) deal in The Address Residence Sky View (Tower 1) took the fourth place, while the sixth position went to an apartment in The 118, which sold for $6.04m (AED22.15m).
'One at Palm Jumeirah' took the last four places with transactions valued at $5.86m (AED21.53m), $5.74m (AED21.09m), $5.64m (AED20.73m) and $5.45m (AED20m), respectively.
In its fourth quarter 2016 report, Dubai-based Unitas Consultancy and Reidin.com said off-plan sales account for 50 percent of the entire transactional activity over the last two years.
For every one villa, nine apartments were sold, with the trend leaning towards apartment space, the report said.