REVEALED: Dubai's most expensive property sales

Tuesday, 22 January 2013 12:04 PM

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.

REVEALED: Dubai’s most expensive properties

“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.

REVEALED: Dubai’s most expensive properties

(All images for illustrative purposes)

Follow @ArabianBusiness

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Read All 7 Comments

Posted by: Dude Tuesday, 22 January 2013 4:51 PM[UAE] - India

Nothing meaningful to report in Dubai, so let's just inform people of property prices....lol

Reply to this comment.

Posted by: Fricheur Tuesday, 22 January 2013 1:00 PM[UAE] - UAE

WAW and who said real estate is expensive in Dubai !!! the most expensive transaction did not even reach $10 M !! for a 1,000+sqm in the most luxurious building in Dubai...
it is really a bargain and honestly cheap compared to any city in Europe, or Beirut or Honk Kong, Singapore, Tokyo .....

lets invest in Dubai again....

Posted by: Fricheur Wednesday, 23 January 2013 1:04 PM[UAE] - UAE

@Telcoguy , u might have a point of view that applies to employees with risky jobs, but u are completely ignored people who owns companies and businesses for hundreds of millions, who can not leave and wont leave easily as long as the business is profitable in dubai. they are already taking the risk of dubai, and dealing with banks and liabilities. some people have invested a lot in that country to consider leaving it someday....
a villa on the palm will always be a villa on the palm even in 25 years and will have a decent resale value as long as it is well maintained and bought at a realistic price.

Posted by: Fricheur Tuesday, 22 January 2013 6:32 PM[UAE] - United Arab Emirates

@Grant, you are right concerning the limited and restricted space in other cities.
But what i meant is that IF YOU LIVE in Dubai , you can buy a decent property at a reasonable price. or even a luxurious villa on the palms at an acceptable price compared to other destinations..

I am not pushing anyone to invest blindly....

Posted by: Grant Holt Tuesday, 22 January 2013 4:23 PM[UAE] - UAE

All those other place have restricted space avaliable and planning issues to overcome. Dubai is a desert with no such issues, so why a premium, cause its not for the build quality?

Look forward to hearing what you invested in in due course.

Reply to this comment.

Posted by: Ronald Tuesday, 22 January 2013 1:00 PM[UAE] - UK

The term penthouse is rather loosely used in Dubai real estate spin, because it is supposed to denote the top floor of a tower, not all the flats, however grand and expensive. Dubai property marketeers have some of the most colourful and fictitious language in the world, Better Homes and all.

Reply to this comment.

Posted by: Anil Tuesday, 22 January 2013 1:00 PM[UAE] - UAE

There is a subtle and key difference between the words 'expensive' and 'high-value'. 'High value' means that even though you have paid a high amount of money for something, you have got an equivalent or higher value for your money. 'Expensive' means you have paid too much for something that is not worth the price. You have allowed emotions to play you.

Reply to this comment.