Dubai's most expensive house of 2019 sold for whopping Rs 96.5 crore

Dubai is known for luxurious lifestyle! A villa in Palm Jumeirah, with an area of 9,000 sqft. was the most expensive house sold in Dubai in the first-quarter of 2019, costing Dh51 million (Rs 96.5 crore) according to Khaleejtimes. While according to high-end property brokerage firm Luxhabitat, the second costliest villa was sold for Dh50  million (Rs 94.6 crore) in Umm Suqeim with built-up area of 9,000 sqft.

After two expensive villas that were sold for over Rs 94 crore in Dubai, three Primo Apartment apartments of 11,407 sqft in Downtown Dubai were sold for Dh43.5 million (Rs 82.3 crore), Dh42.9 million (Rs 81.1 crore) and Dh42.8 million (Rs 81 crore), respectively. The firm revealed that the average price per square foot has just increased by only 2.5 per cent.

According to global real estate consultancy CBRE, Dubai is more economical than Hong Kong, London, New York, Singapore, Paris and Sydney among major cities. The average prime property price in Dubai is US$ 548,338 (Rs 4 crore) added CBRE is its latest report.

There has been an increase of 10 per cent in overall housing deals in Dubai, according to Luxhabitat's analysis. More than 1,737 villas and 6,194 apartments were transacted in the first quarter of 2019. The secondary-market witnessed transactions touching Dh20.4 billion (approx Rs 38,000 crore) compared to Dh18.5 billion (approx Rs 35,000 crore) in Q4 last year. 

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The prime residential market has increased by 44 per cent in Q1 2019 totaled Dh10.6 billion (approx Rs 20,000 crore) as compared to previous quarter.  The prime residential market is defined in the analysis as a market composed of properties on the high-end spectrum of the Dubai residential market.

The top 3 areas in terms of housing sales volume were Downtown Dubai (Dh2.3 billion or Rs 4,400 crore), MBR City (Dh2.1 billion or Rs 4,000 crore) and Business Bay (Dh1.2 billion or Rs 2,270 crore). It said off-plan registration volumes also increased by 28 per cent from the previous quarter to Dh7.4 billion (Rs 14,000 crore). The Dubai Harbour area recorded nearly five times the registrations compared to the previous quarter at Dh554 million (Rs 1,050 crore). The off-plan villa market recorded a 61 per cent increase in sales volume and more than double the units were sold. The off-plan apartments also reported a 10 per cent increase in sales volume at Dh8.7 billion (Rs16,500 crore).