Video: Inside Dubai's most expensive home sold in 2019 - so far

An off-plan 5-bedroom apartment spanning 24,000 sqft in Omniyat's One Palm, worth Dh74 million is the most expensive property sold so far in 2019, according to Property Finder data released on Tuesday.

In second place is an Emirates Hills 6-bedroom villa spanning 17,800 sqft that fetched Dh64 million on the secondary market. And in third place is a 5-bedroom Garden Home villa on the Palm Jumeirah's Fronds which sold on the secondary market for Dh51 million. In 2018, the most expensive property sold was an Emirates Hills villa on the secondary market for a whopping Dh90 million.

Buyers seem to have a bigger inclination for off-plan super-luxury properties versus the secondary market, going by Dubai Land Department statistics for 2019.

"As property prices decline, both in the secondary and off-plan markets coupled with motivated developers offering many different types of incentives, we are seeing more interest for luxury properties, especially from non-residents. In addition, we are also seeing an increase in enquiries for mortgages from non-residents," says Lynnette Abad, director of research and data at Property Finder.

Other properties that figured in the top 5 costliest property transactions in 2019 are a Dh43.5 million 5-bedroom off-plan Il Primo apartment in Opera District, Downtown Dubai, and a Dh43 million 4-bedroom off-plan apartment at the Royal Atlantis Resort & Residences.

Emaar's Il Primo tower is witnessing good demand, with another 5-bedroom off-plan apartment fetching Dh42.9 million. Apartments in this under-construction project with views of the Burj Khalifa and Dubai Fountain are seeing robust sales around the Dh40 million mark.

Other communities seeing a lot of traction in super-luxury residential sales worth Dh40 million and above are Emirates Hills (secondary market) and Bulgari Resort & Residences (off-plan) in Jumeirah Bay.

In the Dh30 million club, there were two transactions so far in 2019: one worth Dh32 million for a Polo Homes villa in Arabian Ranches and another worth Dh33.6 million for a Palme Couture Residence, both in the secondary market. It is worth noting that the average transaction price for a Polo Home in Arabian Ranches (on the secondary market) in 2019 is Dh8.9 million. This is 7 per cent cheaper than the average transacted price of Polo Homes of Dh9.58 million in 2017.

-waheedabbas@khaleejtimes.com