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Emirates Hills villa sells for Dh95 million in Dubai

Dubai - Community hosts three of the top five most expensive villas sold in the third quarter

The most expensive villa sold in Dubai in the third quarter of 2017 was in Emirates Hills for Dh95 million, according to Luxhabitat. The villa has a built-up area of 22,780 square feet.
Emirates Hills also lapped up the second biggest deal, with a 19,982 square feet villa being sold for Dh60 million. Villas in the Palm Jumeirah took up the third and fourth spots, with Dh27.5 million and Dh22.5 million deals, respectively, while the fifth costliest transaction was again in Emirates Hills for Dh20 million. 
Luxury villa sales accounted for Dh688 million in Dubai in the third quarter, with 71 per cent of transactions coming from Emirates Living areas.
The most expensive apartment sold in Dubai in Q3 was in Elite Residence for Dh25 million. In second place was an apartment at Palazzo Versace for Dh15 million. An Armani Residence unit went for Dh9.5 million and bagged the third spot.
Luxury apartment sales were worth Dh1.2 billion in Q3, with 50 per cent of transactions from Dubai Marina. "Two out of the three top apartment transactions were in branded developments [Armani and Palazzo Versace]," said Ryan Kasper, director of luxury rentals.
Dubai witnessed luxury residential sales worth Dh1.9 billion in Q3, according to Luxhabitat. Apartments contributed to 63 per cent of the total volume of transactions, with Dubai Marina transacting approximately Dh363 million, followed by the Palm Jumeirah (Dh218 million) and Downtown Dubai (Dh160 million).
The off-plan market is currently sustaining momentum in the Dubai residential market. This also applies to luxury residential property.

"New locations such as CityWalk, Bluewaters Island, Bvlgari, Dubai Creek Harbour and Dubai Hills Estate make both investors and end-users very excited about new stock. People are now expecting an upgrade in quality since a lot of the existing stock looks a bit aged and the price levels are more or less the same as a new stock when upgraded. Eighty per cent of the off-plan luxury market is going to investors. Off-plan properties also have the added advantage of flexible payment plans," said Alexander von-Sayn Wittgenstein, luxury sales director at Luxhabitat.

The new supply of luxury real estate is expected to result in a readjustment of price points on the secondary market.

deepthi@khaleejtimes.com