By Staff writer
New research reveals that more than $367m worth of top-end villas were sold on Palm Jumeirah last year
More than $367 million worth of luxury villas valued at over AED5 million ($1.36 million) were sold on Palm Jumeirah in Dubai last year, according to new research.
The Palm also saw the sale of the most expensive villa sold last year in Dubai - a 7,613 square feet villa costing AED58.5 million ($15.9 million).
Analysis conducted by LuxHabitat, a Dubai-based luxury real estate company, revealed that over 60 percent of top-end villas sold last year in the emirate were located in Arabian Ranches, Palm Jumeirah and Emirates Hills.
It said Arabian Ranches was the high-end residential villa development with the highest number of villas sold above AED5 million.
But in terms of value of transactions, Palm Jumeirah sold the most with AED1.35 billion ($367.5 million).
The average price per square feet at the Palm was also more than twice that in Arabian Ranches, the research showed.
The area with the highest average transaction per villa was Emirates Hills at AED29 million. Emirates Hills also offered the highest average built-up area at 12,763 square feet.
LuxHabitat said the number of villas sold above AED5 million in Dubai exceeded 420 units in 2014.
In terms of total value transacted, Emirates Hills accounted for less than half of the value of the villa transactions in Palm Jumeirah.