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Thu 6 Jul 2017 02:14 PM

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Dubai registers first $24m villa deal since 2015

Emirates Hills records $74m worth of deals in second quarter 2017, says LuxHabitat

Dubai registers first $24m villa deal since 2015

A $24.52 million (AED90m) villa deal in Emirates Hills is the second costliest deal to be registered in Dubai since 2015.

LuxHabitat, a Dubai-based luxury real estate consultancy, and Reidin.com on Thursday confirmed the sale, which was registered with the Dubai Land Department in May.

The biggest secondary market deal, however, was reported in July 2015 for an Emirate Hills villa in the past three years, with the unit selling for $25.34m (AED93m), Reidin.com said.

The second costliest transaction for second quarter 2017 was registered on the Palm Jumeirah, where a villa was sold for $22.94m (AED84.2m).

In terms of the villa market, LuxHabitat said the total sales volume between April and June this year reached $354.22m (AED1.3bn), with 50 percent of the transactions coming from the Emirates Living areas, which includes Emirates Hills, the Springs, the Meadows, and The Lakes.

Nearly $74m (AED270m) of these big-ticket deals came from Emirates Hills, it said.

In the apartment segment, the Le Reve Tower, Dubai Marina, registered the biggest deal of $8.09m (AED29.7m), followed by a unit in the Five Hotels & Resorts at $4.22m (AED15.5m) and a Palazzo Versace apartment selling for $4.09m (AED15m), the consultancy added.

Top 5 Villa Transactions in Q2 2017

Source: REIDIN/ Land Department, Luxhabitat Prime Residential Secondary Market Analysis, July 2017

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