By Parag Deulgaonkar
New data reveals $14m deal topped the chart while buyer pays $1,342.30 per square foot for Palm villa
Dubai’s Emirates Hills, home to the wealthiest people in the UAE, has registered the biggest villa deals in 2016.
Eight of top 10 biggest deals were registered in the upscale community, totalling $86.58 million (AED318m), with Palm Jumeirah following with mere two deals worth $18.51m (AED68m), according to data shared by Reidin.com with Arabian Business.
A $14.43m (AED53m) transaction, registered with the Dubai Land Department in January 2016, tops the list, with the buyer paying $670.06 (AED2,461) per square feet.
The second, third and fourth deals on the list also feature in Emirates Hills, valued at $13.61m (AED50m), $12.50m (AED45.90m) and $11.98m (AED44m), respectively.
The data shows four of the top 10 deals were registered in January alone, with the rest split across remaining months.
A $10.35m (AED38m) deal on Palm Jumeirah took the fifth place, with the buyers paying a whopping $1342.30 (AED4,930) per square feet.
Palm re-surfaced on the list at ninth position with a $8.17m (AED30m) deal, while Emirates Hills took the remaining slots (sixth, seventh and 10th).
In its Wealth Report 2016, Knight Frank said $1 million (AED3.67 million) can buy 155 square metres of prime property in Dubai compared to just 17 square metres in Monaco and 21 square metres in London.
Experts say prices will decline further this year, with Jesse Downs, managing director at consultant Phidar Advisory, expecting at least 10 percent fall this year, driven by a strong US dollar, lower oil prices and weak investor demand.
Another property consultancy Cluttons also expects prices to drop, but predicts “recovery” by year-end.
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