The sale of a 14,349 sqft apartment in Dubai Marina’s Le Reve Tower for AED34.7m (US$9.4m) was the most expensive real estate transaction in the emirate last year, according to data from Reidin.com.
The apartment was one of four properties in the luxury apartment block to rank among the emirate’s most expensive real estate sales in 2012, the real estate intelligence provider said.
“Le Reve is attractive because of its location. The apartments sold were all penthouses so the premium they command is greater,” said Saurabh Sharma, research and data manager at Reidin.com.
“Property prices in 2011 were below the sale value so people took the opportunity in 2012 to purchase fundamentally good properties and they were willing to shell out more for those in hot areas such those with good infrastructure, connectivity and near central business districts,” he added.
Apartments in Damac’s Ocean Heights Tower and Bayside Residence also made the list, which excludes residential sales in Burj Khalifa as it is considered a multi-use building. Notably, only two villas, both located in Kempinski Palm Jumeirah Residences, featured in the list.
The smallest apartment to make the cut was a 6,298 sqft property in Le Reve while the price per sq ft varied between AED1,712 (US$466) and AED3,255.
Dubai was one of the hardest hit by the economic downturn, which saw property prices slump by over 60 percent following a six-year property boom. Real estate prices started to show signs of recovery last year as the emirate benefited from its safe haven status amid the Arab Spring and its economy expanded.
The emirate has recently started to announce big projects and revive some plans that had been shelved in the wake of the property collapse. House prices have also started rise with average property prices increasing 19 percent last year, according to property consultant Jones Lang LaSalle.
(All images for illustrative purposes)