Revealed: 10 most expensive properties sold in Dubai in 2021

Dubai - 3,450 high-end apartments and 586 luxury villas worth Dh11.6b sold between January and March.

Led by Palm Jumeirah, prime residential property in Dubai is attracting strong interests from investors during the first quarter (Q1) of 2021.

According to an analysis by Luxhabitat Sotheby based on data from the Dubai Land Department (DLD), as many as 3,450 apartments and 586 villas worth Dh11.6 billion were transacted in Dubai’s prime areas during Q1, or between January and March, this year.

This is compared to Dh9.2 billion in the fourth quarter (Q4)of 2020, an increase of 25 per cent.

The Q1 2021 prime property transactions accounted for 39 per cent of last year’s Dh29.54 billion total transactions. In total, 10,557 apartments and 1,512 villas were sold last year.

“There is a massive shift of wealth that has triggered an exponential increase in real estate transactions in 2021, compared to previous years. We have seen a 30 per cent to 50 per cent increase in transactions on high-ticket properties within the company and most of these transactions are happening in top-tier luxury communities,” said Chris Whitehead, managing partner at Luxhabitat Sotheby.

He said this reflects a positive outlook of property value in the real estate market in Dubai.

Industry executives said there is a large number of high net worth individuals in the local property market who want to cash in on the lower property prices.

These rich investors are mainly looking to buy high-end properties that can offer good returns on equity as well as capital appreciation.

The areas covered by Luxhabitat study include Al Barari, Arabian Ranches, Downtown Dubai, Dubai Marina, Business Bay, Emirates Living, Jumeirah, Jumeirah Beach Residence, Mohammed bin Rashid City, Jumeirah Golf Estates, Jumeirah Islands, Jumeirah Lake Towers, and Palm Jumeirah.

The top three areas in terms of sales volume were Palm Jumeirah (Dh2.7 billion), MBR City (Dh1.3 billion) and Business Bay (Dh1.2 billion).

The Jumeirah Beach Residence area showed the highest growth of sales at Dh916 million, which is 2.7 times higher than the previous quarter, followed by Jumeirah Lake Towers and Palm Jumeirah.

According to Luxhabitat, prime apartments dropped 6.32 per cent to Dh1,315 per square foot with the average prime apartment costing approximately Dh2.07 million.

The prime villa market remained stable with an average price of Dh8.1 million, an increase of three per cent higher than the previous quarter, indicating keen buyer interest in villas persisting since last year.

Below is the list of the top 10 most expensive properties sold in Q1 2021:

>One100Palm-Dh111.25 million

>Emirates Hills villa – sector R.-Dh68 million

>Palm Jumeirah villa-Dh55 million

>Dubai Hills Grove-Dh49.8 million

>Villa in Jumeirah 2-Dh45.17 million

>Palm Jumeirah, Frond M-Dh45 million

>Palm Couture Residences-Dh43.5 million

>Jumeirah Bay Island, Bulgari Resort-Dh43.5 million

>The One At Palm-Dh43 million

>Palm Jumeirah, Frond M-Dh42 million

waheedabbas@khaleejtimes.com

• Dubai