One of the priciest real estate transactions in the emirate took place recently when a five-bedroom apartment in Dubai sold for Dh163 million. The 22,614 square foot property is situated in Palm Jumeirah’s Royal Atlantis Residence.
According to FAM Properties, the Business Bay neighborhood had the highest performance in August, with ready apartments selling for a combined Dh1 billion over 647 transactions, and 435 sales totaling Dh670 million for ‘on the map’ apartments.
In total, Dubai registered over 9,450 transactions in August, with sales rising by more than 65% compared to the prior month and totaling close to Dh24 billion.
“The month of August can be considered as the best performing time of the year 2022, the best over years. It ranks second in performance criteria after the unmatched successes recorded in March 2010 with 9,650 deals. The average real estate price per square foot has now fully recovered after the contraction that was experienced during the Covid-19 pandemic in 2020. It is a positive indicator for all types of ready-made and off-plan properties as the average price of off-plan real estate also rose in August to cross Dh1.6 million,” FAM Properties CEO Firas Al-Msaddi said.
When it comes to villas, ‘on the map’ properties in Damac Lagoons sold for Dh1.9 billion in 695 deals, while available quarters at Akoya Oxygen sold for Dh235 million over 184 deals.