$20m Palm Jumeirah apartment tops Dubai property sales in Q2

Top ten properties in Dubai sold in Q2 for combined $139m, says Luxhabitat
$20m Palm Jumeirah apartment tops Dubai property sales in Q2
The One, Palm Jumeirah
By Gavin Gibbon
Tue 30 Jul 2019 01:47 PM

An apartment at The One, Palm Jumeirah, was the most expensive property sold in Dubai in the second quarter of 2019 – with a sale price of $20.1 million (AED74m).

The top 10 transactions in the emirate for Q2, according to Luxhabitat, may be topped by The One, but is dominated by villas in Emirates Hills, with four properties purchased, ranging from $17.4m (AED64m), $12.2m (AED45m), $10.8m (AED40m) and $9.9m (AED36.5m).

In third and fourth place on the list were properties in Il Primo, Downtown Dubai, which fetched $17.2m (AED63,412,100) and $15.7m (AED57,659,495) respectively.

Two Signature Villas on Palm Jumeirah were sold for $12.9m (AED47.5m) and $10.8m (AED40m) and an apartment in Royal Atlantis Residence on Palm Jumeirah went for $11.7m (AED43m).

Michelle Liddiard, luxury sales specialist, Luxhabitat, said: "Even though we expect the real estate market to continue to decline moderately towards the end of 2019, mainly due to supply and a slowdown in the growth of the largest economic sectors, we expect a healthy demand. The market is more favourable for tenants and investors now that homes are more affordable.”

The prime residential market grew by 3.24 percent over the past quarter to $2.8bn (AED10.6 billion). Arabian Ranches 1, Jumeirah Golf Estates and Downtown Dubai are the top three areas that experienced 45.5 percent, 42.14 percent and 40.49 percent gains in transaction volumes respectively.

Overall, there were 1,711 villas and 6,409 apartments sold in Dubai during Q2 worth $5.5bn (AED20.4bn).

The volume of transactions in the secondary market increased by 5.83 percent to $3.7bn (AED13.7bn), compared to $3.51bn (AED12.9bn) in Q1 2019.

However, as a result of fewer launches, the off-plan market saw an overall decline of 11.8 percent from the previous quarter to $1.8bn (AED6.6bn).

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