Friday, January 18, 2013

Dubai Marina, Palm Jumeirah, records top 10 residential transactions

Dubai Marina and Palm Jumeirah topped the list of biggest residential real estate transactions last year, with the costliest transaction being sale of an apartment in ‘Le Reve’ in Dubai Marnia, for Dh.34.7mn. 

The information provided by, indicates that the apartment was purchased at the public auction by Dubai Land Department in November. Four, out of the top 10 biggest deals that took place in this ultra-luxury tower, comprises only penthouses, totalling to more than Dh.90mn.

An apartment in Ocean Heights, Dubai Marina, was sold for Dh.25.55mn, and this was the second costliest transaction, followed by an apartment in Kempinki Palm Jumeirah Residences, sold for Dh.23.41mn. 

Two villa transactions on the Palm Jumeirah, worth Dh.22mn and Dh.21.12mn have made it to the fourth and fifth place respectively.

The sixth, eighth and ninth places were Le Reve apartments, sold for Dh.20.5mn, Dh.18.5mn and Dh.18mn respectively. The seventh place was for the Kempinski Palm Jumeirah Residences unit sold for Dh.19.14mn. is an exclusive partner, and primary data source for information service in the emerging markets.
The largest residential real estate transaction in the year 2011 was registered in Burj Khalifa, the world’s tallest building, with price topping Dh.28mn, in 2011. 

According to Jones Lang LaSalle report in the fourth quarter of 2012, the asking apartment sale prices last year went up by 12 percent in prime buildings within established locations year-on-year, while asking prices for villas have grown by 24 percent year-on-year.

Villa sales prices are likely to continue their upward trend in 2013, in well-established prime areas, the global real estate consultancy said. 

The latest Citibank report said that Dubai’s economic rebound and improved investor sentiment breathed life into real estate market in recent months, with volume and value of property transactions having increased since the start of the year.  

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