Emirates Hills, home to some of the richest in Dubai, has topped the list of the top 10 biggest villa deals for the first quarter 2015, reveals data shared exclusively by Reidin.com with Emirates 24|7.
Five transactions were reported in the upscale community, totaling Dh223 million, with Palm Jumeirah accounting for the remaining five transactions, amounting Dh145.59 million.
In the Emirates Hills community, a Dh60 million transaction, registered with Dubai Land Department in February, topped the chart with an average per square foot price of Dh3,046.
In second place is a Dh45 million transaction followed by two transactions of Dh42 million each.
A Dh40 million deal on Palm Jumeirah follow, with a Dh34 million transaction, once again, in Emirates Hills.
The last four slots went to deals on the Palm with closing prices at Dh33 million, Dh26.275 million, Dh26.121 million and Dh20.20 million, respectively.
Emirates 24|7 had reported earlier that in the first quarter of 2014 Palm Jumeirah registered nine of the top 10 biggest villa sales, with the costliest selling for Dh45 million.
Wealth-X and Sotheby's International Realty reported pointed out earlier that non-European ultra-high net worth individuals - those with $30 million or above in assets – were investing in Dubai’s luxury property market over Monaco.
Separately, UK-based Knight Frank’s Wealth Report 2015 revealed $1 million (Dh3.67 million) could buy an apartment that was four and seven times bigger than Singapore and London in Dubai.
The report said one could buy 145 square metres of prime property in the emirate compared to 17 square metres in Monaco, 20 square metres in Hong Kong, 39 square metres in Singapore and 21 square metres in London for $1 million.
Though experts have said that there has been a decline in sales volumes, Moody’s Investors Service said in March 2015 that the slowdown in the market was “positive in the long run” and will alleviate the “potential overheating” though prices could fall 10 to 15 per cent.
Dubai is the host city for Expo 2020, which will run for a period of six months, starting October 20, 2020 till April 10, 2021.
The emirate aims to draw more than 25 million visitors, expecting Dh25 billion in total investment in infrastructure-related projects and create 277,000 new jobs.
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