21 May 2013

Dubai’s 10 biggest villa deals: Emirates Hills villa tops at Dh36.5m

Property prices in Dubai are on the upswing, especially in the villa market, with prices rising by 20 per cent last year.

Data shared exclusively by Reidin.com with Emirates 24|7 reveals that investors are spending money lavishly on buying good, quality properties with big-ticket transactions (in secondary market) being registered in the Dubai Land Department.

According to Reidin.com, a villa in Emirates Hills, sold for a whopping Dh36.5 million, has topped the first quarter list of the biggest villa transactions in Dubai. The transaction was registered in January, with the buyer paying Dh1,956 per square feet.

Of the top 10 villa transactions registered by Dubai Land Department in the period, seven were in Emirates Hills and three in Palm Jumeirah.

A 33.5 million, Dh33 million and Dh25.85 million transactions in Emirates Hills took the second, third and fourth position, respectively. Prices ranged between Dh1,655 and Dh1,956 per square feet.

Emirates Hills are luxury-detached villas that have been sold as plots to investor to build their properties on.

The fifth biggest transaction was registered on Palm Jumeirah with a villa selling for Dh22 million.

This website had reported earlier that two villa transactions on the Palm Jumeirah valued at Dh22 million and Dh21.12 million, respectively, had made it to the top 10 biggest deals for 2012.

Reidin.com is an exclusive and primary data source for real estate markets in the emerging countries.

A report by Deutsche Bank said property prices in Dubai witnessed a 6.2 per cent growth in the first three months of 2013. Apartment prices remain between 43 and 61 per cent below peak with villa prices between 12 and 49 per cent below peak prices.

Knight Frank, a global property consultant, has also said that property prices in Dubai rose 18.3 per cent in the past one year (March 2012 to March 2013), with the emirate maintaining it’s position among the top five best performing real estate markets in the world.

Taking a cautious approach, Craig Plumb, Head of Research, JLL Mena, while announcing the “Top Trends for the UAE real estate market in 2013”, had said: “Price and rent recovery are likely to be more broader this year than 2012 when it was limited to few selected locations. We saw price growth in Dubai by 20 per cent in 2012… we will not see prices increasing 20 per cent this year, but overall rate of growth will be less than last year.”

Area                                              Price (AED)

Emirates Living/Emirates Hills       36,500,000
Emirates Living/Emirates Hills       33,500,000
Emirates Living/Emirates Hills       33,000,000
Emirates Living/Emirates Hills       25,850,000
Palm Jumeirah                               22,000,000
Emirates Living/Emirates Hills       21,000,000
Palm Jumeirah                               21,000,000
Palm Jumeirah                               20,000,000
Emirates Living/Emirates Hills        19,750,000
Emirates Living/Emirates Hills        19,500,000

Source: www.emirates247.com