20 August 2013

Dubai’s biggest apartment deals

Le Reve in Dubai Marina continues to top the list of apartment deals recorded by the Dubai Land Department (DLD) for the second consecutive quarter this year.

Information shared by Reidin.com with Emirates 24|7 reveals that two bespoke apartments in the tower were sold for Dh38 million and Dh23 million, respectively, registering the first two biggest real-estate buys in Dubai in the second quarter 2013.

An apartment sold for Dh14.55 million in Emirates Crown Tower was third, while two apartments sold in Kempinski Palm Jumeirah Residences for Dh11.01 million and Dh11 million, respectively, were placed fourth and fifth on the list.

Sharing the fifth spot is an apartment in Tiara Residences – Diamond, sold for Dh11 million.

Of the top 10 biggest transactions, six were registered in Dubai Marina projects, while four were registered in Palm Jumeirah projects.

In the first quarter, the top three slots in the costliest apartment category were registered in the Le Reve tower. The costliest transaction in 2012 was also registered in Le Reve, an apartment bought for Dh34.7 million in an auction.

Knight Frank Prime Global Cities Index, released in early August, said prices of luxury homes in Dubai have jumped by over six per cent in the second quarter of 2013.

The index showed that prime real estate prices rose by 21.6 per cent over the past year, making it the second best performing market in the world.

It has also been revealed in reports that prices of luxury properties in Dubai are far cheaper compared than many other major cities such as New York, London, Tokyo and Singapore.

Area                          Building Name                           Price [AED]

Dubai Marina           Le Reve Tower                                         38,000,000
Dubai Marina           Le Reve Tower                                         23,000,000
Dubai Marina          Emirates Crown Tower                            14,550,000
Palm Jumeirah       Kempinski Palm Jumeirah Residences  11,500,000
Palm Jumeirah       Kempinski Palm Jumeirah Residences   11,013,000
Dubai Marina         Tiara Residences – Diamond                    11,000,000
Dubai Marina          Yacht Bay                                                 11,000,000
Palm Jumeirah       The Fairmont Palm Residences               10,650,000
Dubai Marina         Al Seef                                                       10,250,000
Dubai Marina         Emirates Crown Tower                                9,660,000

Source: http://www.reidin.com/news/showNews/ae_reidin-reidinmediawatch-20130821-2/dubais-biggest-apartment-deals.html