A luxury apartment on the Palm Jumeirah island of Dubai is the most
expensive property to be sold in 2019, with a transaction value of AED 74
million, according to an analysis of government transaction numbers by
Property Finder.
the An off-plan 5-bedroom apartment, was built in Omniyat One Palm spanning
24,000 sq ft. Property Finder said.
The second most expensive property was sold this year, a 6-bedroom villa in
the Emirates Hills with an area of 1.654 square meters, at a price of 64
million dirhams on the secondary market, followed by a five-bedroom villa on
the island of Palm Jumeirah, According to
The National.
"With lower real estate prices both in and out of secondary markets, and
enthusiastic developers offering many different types of incentives, we are
seeing more interest in luxury properties, especially
non-residents,"said Lynnette Abad, Director of Research & Data,
Property Finder.
"In addition, we are seeing an increase in inquiries regarding non-resident
mortgages."
The real estate market in Dubai, like the rest of the UAE, has seen a
steady decline in prices over the past four years as supply and oil prices
have been rising, affecting purchasing power and affecting the value of
property and demand.
Other properties on the list for the top five deals this year were a
5-bedroom apartment for AED 43.5 million at El Primo Tower in the Opera
district in central Dubai and a 4-bedroom apartment for AED 43 million at
Royal Atlantis Resort & Residences on The Palm.
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