Dubai Marina apartment tops most expensive deals in 2016

An apartment in Armani Residence in Burj Khalifa, Downtown Dubai fetched the highest price per square foot
Dubai Marina apartment tops most expensive deals in 2016
A penthouse apartment in Le Reve tower (photo for illustration purpose only)
By Parag Deulgaonkar
Thu 09 Feb 2017 12:39 PM

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”.

For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.