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Tue 16 Apr 2019 02:21 PM

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$13.6m Palm Jumeirah villa is most expensive sold in Dubai in Q1

Luxhabitat says Dubai prime residential market in first quarter of 2019 grows 44% to more than AED10.6 billion

$13.6m Palm Jumeirah villa is most expensive sold in Dubai in Q1
The most expensive luxury home sold during the first quarter of 2019 in Dubai was a Palm Jumeirah villa which sold for AED50 million. (Photo for illustrative purposes only)

The most expensive luxury home sold during the first quarter of 2019 in Dubai was a Palm Jumeirah villa which sold for AED50 million ($13.6 million), Luxhabitat has revealed.

According to Luxhabitat’s analysis, the prime residential market in Q1 totalled AED10.6 billion, which is about 44 percent higher than the previous quarter.

Luxhabitat defines the prime residential market as a residential market composed of properties that lie on the high-end spectrum of the Dubai residential market and includes Arabian Ranches, Downtown Dubai, Dubai Marina, Dubai Creek Harbour, Business Bay, Emirates Hills, Jumeirah Golf Estates, Mohammed Bin Rashid City and Palm Jumeirah.

It said the top three areas in terms of sales volume were Downtown Dubai (AED2.3 billion), MBR City (AED2.1 billion) and Business Bay (AED1.2 billion).

Over 1,737 villas and 6,194 apartments were transacted in the first quarter of 2019 in Dubai's overall residential market.

The volume of transactions in the secondary market was AED20.4 billion, compared to AED18.5 billion in Q4 2018, according to analysis by Luxhabitat based on data by Property Monitor.

Off-plan registration volumes also increased by 28 percent from the previous quarter to AED7.4 billion, with Dubai Harbour recording nearly five times the registrations compared to the previous quarter at AED554 million.

The off-plan villa market recorded a 61 percent increase in sales volume and more than double the units were sold. Off-plan apartments also reported a 10 percent increase in sales volume at AED8.7 billion.