21 February 2012

Revealed: Dubai’s highest real estate transactions in 2011

An 11,355 sq ft apartment in the Burj Khalifa, sold in October for AED28.15m ($7.66m), has been ranked the most expensive real estate transaction in Dubai of 2011, according to data from real estate website Reidin.com.Villas and apartments by Dubai-based property developer Emaar dominated the top eight real estate transactions last year with three apartment sales in the Burj Khalifa and three transactions in its luxury Emirates Hills development.’A 7,910 sq ft unit in the Burj Khalifa ranked as Dubai’s second largest transaction when it sold for AED28m, or AED3,910 per sq ft, in February 2011.

Two villas on Nakheel’s flagship development, Palm Jumeirah, sold for a combined total of AED45.3m. The two properties, one 13,401 sq ft and another 13,396 sq ft, were sold for AED23.5m and AED21.8m, respectively.Total real estate transactions in the emirate reached 35,297 last year, an increase of 20 percent compared to the previous year, Dubai’s Land Department said last month. Total transactions were valued at AED143bn.The real estate market in Dubai is showing some signs of recovery after prices plunged more than 60 percent from 2008-peaks. House prices in prime projects such as Palm Jumeirah and Arabian Ranches, slightly increased in the third quarter, Jones Lang LaSalle said in September.But analysts remain concerned that the estimated 33,000 new homes scheduled to hit Dubai’s market by end-2012 could cause fresh declines in rental and sale prices. Renewed global financial woes and the European sovereign debt crisis are also likely to cause more pain, with Moody’s in October predicting any price recovery to be delayed to 2016.
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