Luxury properties in Dubai contrasts with the downward trend in the real estate market


One of the luxury properties in Dubai, which is a five-bedroom apartment in Omniyat’s One Palm was the most expensive property sold so far this year, according to new data from the Dubai Land Department.

Property Finder revealed that the apartment, which spans 24,000 square feet, was sold off-plan for $20 million (AED74 million).

Emirates Hills, where the most luxury properties in Dubai was sold last year for $24.5 million, recorded the second highest property sale this year, with a six-bedroom villa spanning 17,800 sq ft, being sold for $17 million on the secondary market.

A five-bedroom Garden Home villa on the Palm Jumeirah’s Fronds was the third highest sale this year, fetching $14 million on the secondary market.

Lynnette Abad, director of Research and Data, Property Finder, said super-luxury properties in Dubai are bucking the downward trend experienced elsewhere in the emirate’s property market.

As property prices decline, both in the secondary and off-plan markets, coupled with motivated developers offering many different types of incentives, they are seeing more interest in luxury properties, especially from non-residents. In addition, they are also seeing an increase in enquiries for mortgages from non-residents.

Other properties that figured in the top five costliest property transactions in 2019 are a $12 million five-bedroom off-plan Il Primo apartment in the Opera District, Downtown Dubai, and a $12 million four-bedroom off-plan apartment at the Royal Atlantis Resort & Residences.

Property Finder said Emaar’s Il Primo tower is witnessing a good demand, with apartments in this under-construction project with views of the Burj Khalifa and Dubai Fountain seeing robust sales around the $11 million mark. Another five-bedroom off-plan apartment was sold for $11.5 million earlier this year.