Data issued by the Dubai Land Department, on Thursday, revealed the completion of the sale of the most expensive apartment in the history of the real estate market in Dubai, at a value of 420 million dirhams (about $114.3 million) in the luxurious Jumeirah Marsa Al Arab project adjacent to the Burj Al Arab Hotel.
The area of the apartment is 24,628 square feet, bringing the price per square foot to 17,000 dirhams ($4,628). Thus, this deal has removed the Bulgari Lighthouse apartment, which was sold this year for 410 million dirhams, from the list of the most expensive apartment sold in Dubai.
The apartment in Marsa Al Arab was sold by real estate brokerage firm Luxabitat Sotheby’s International.
$49 billion Dubai real estate sales in 6 months
During the first half of this year, the Dubai real estate market recorded 61,047 sales transactions worth 179.4 billion dirhams (about 49 billion dollars), bringing the sector to a growth of 56.6 percent, compared to the same period last year, which recorded real estate sales of 114.5 million dirhams (31.1 billion). dollars), according to an analysis conducted by the real estate source website for data registered with the Dubai Land Department.
And compared to the same period of previous years, it is clear that the value of real estate sales in Dubai during the first half of the year 2023 is the highest compared to the semi-annual sales ever in the history of the sector.
Ready-made real estate accounted for the largest proportion of real estate sales in Dubai during the first 6 months of this year, as 30,419 sales of ready-made real estate were recorded at a value of 108.8 billion dirhams, while Dubai recorded 30,628 sales of real estate on the map, at a value of 70.6 billion dirhams.
The real estate sector in Dubai witnessed a strong start during the month of January 2023, as it recorded 9,830 sales deals at a value of 28.1 billion dirhams, while February recorded 8,975 real estate sales deals at a value of 26.5 billion dirhams, bringing sales during the month of March to 12,133 deals at a value of 34.1 billion dirhams, while the month witnessed April 8062 real estate sales transactions worth 26.4 billion dirhams, while May recorded 11622 sales transactions worth 33.8 billion dirhams, and June recorded 10425 transactions worth 30.3 billion dirhams.
The Palm Jumeirah came at the forefront of the Dubai regions in terms of the value of real estate sales that it recorded during the first half of this year, as 1463 real estate sales deals were recorded in Palm Jumeirah, at a value of 13.5 billion dirhams, followed by the Dubai Creek Harbor area, which recorded 10.3 billion dirhams, the value of 3052 sales deals. And the Business Bay region came in third place with 10.2 billion dirhams, the value of 4,561 sales transactions, while the Burj Khalifa region came in fourth place with 2,455 transactions worth 10.1 billion dirhams.
While the Jumeirah Village Circle region recorded the highest number of real estate sales transactions with 6,600 transactions, with a total value of 6.5 billion dirhams.
2023-07-06 11:15:17
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