A villa in Dubai Hills is the most expensive property sold in Dubai the previous year costs about Dh75 million followed by a Dh69 million villa in sector L of Emirates Hills.
As per the reports provided by Luxhabitat Sotheby’s based on data from the Dubai Land Department, half of the highest-paid transactions in 2020 were from Mohammed bin Rashid City where Emirates Hills continue to hold a place in the costliest villas in Dubai.
Data provides that a villa in Cluster C of District One was sold for Dh60 million, ranking the third costliest property to be sold in the emirate the previous year.
The other properties that ranked among the top 10 most expensive villas and apartments contain Dh58.6 million apartments in II Prime followed by three villas in District One of Mohammed bin Rashid City, each costing Dh58 million, Dh56 million, and Dh55 million, respectively.
The 8th property amongst the most expensive properties was sold in Bvlgari Resorts & Residences for Dh58.25 million where 9th and 10th most expensive properties were sold in Emirates Hills and Umm Suqeim, respectively, for Dh48 million each.
“We strongly believe that Dubai will play a key role in the post-pandemic scenario as well for how it has handled the pandemic issue on a global level while keeping the economy open. And 2021 will be a bigger, better year for us as well the Dubai property market,” said Chris Whitehead, Managing Partner at Luxhabitat Sotheby’s International Realty.
In sum, more than 10,557 apartments and 1,512 villas were purchased within 2020 in the Dubai prime residential market. Fourth-quarter was noted to be the best performing quarter at Dh9.2 billion in terms of sales volume. The total volume of purchases in the prime residential market was Dh29.54 billion.
There has also been a five percent correction in price/Dh sqft across the prime residential market from Dh1,327 to Dh1,193, and hence indicating a strong change in buyer activity.
The top 3 areas in regards to sales volume were MBR City (Dh6.4 billion), Downtown Dubai (Dh5.1 billion), and Palm Jumeirah (Dh3.5 billion).
The prime villa market remained static with an average cost of Dh6.3 million, about three percent more than the last year – providing that buyers were eager to purchase villas in 2020. The affordability factor has risen and the trend observed was that buyers were choosing to buy homes with greater spaces. Across all areas, there was an average of a 1,000 square feet rise in the size of the purchase of the villa – providing the average built-up-area of a prime villa 5,981 sqft.
Prime apartments also remained static with the least to no price correction at Dh1,404 per square foot. The average prime apartment now priced at approximately Dh1.8 million for a unit spanning 1,698 sqft in a built-up-area.