Dubai real estate market record sales, the most expensive ready apartment worth AED 163 million

United Arab Emirates, Dubai: With the sale of the most expensive ready-made apartment. The deal that was sealed at AED163 million for a 5-bedroom apartment spread over 22,614 square feet of lavish residential space has gone down in history as the biggest and most expensive deal in the world. history of the Dubai real estate market. The picturesque property is located in the Royal Atlantis premium residence in Palm Jumeirah.

The report reveals impressive numbers targeted towards steady growth. The report published by the company’s interactive data website, DXBinteract.com, indicates that Dubai recorded more than 9,450 transactions, with sales increasing by more than 65% compared to the previous month, with a total value of almost AED 24 billion. The website also charted over 6,600 apartment transactions that were completed to make it a month with the highest number of sales for the real estate industry.

Speaking about the robust growth of the sector, Firas Al-Msaddi, CEO of FAM Propertiessaid: “August can be considered the best performing month of 2022, the best over the years. It ranks second on the performance criteria after the unequaled success recorded in March 2010 with 9,650 transactions. The average house price per square foot has now fully recovered from the contraction experienced by the Covid-19 pandemic in 2020. This is a positive indicator for all types of ready-made properties and on-plan as the average price of -plan real estate also increased in August to cross AED 1.6 million.”

The report reveals a gradual breakdown of deals and transactions across all areas to show that the industry can expect a steady growth rate even in the near future. The top performing domains during the month of August 2022 are:

Apartments

  • On the map: Business Bay – 647 transactions – Total value: AED 1 billion
  • Loan: Business Bay – 435 transactions – Total value: AED 670 million

Villas

  • On the map: Damac Lagoons – 695 offers – Total value: AED 1.9 billion
  • Loan: Akoya Oxygen – 184 transactions – Total value: AED 235 million

Commercial

  • On the card: Field 1 – 42 offers – Total value: AED 56 million
  • Loan: Business Bay – 82 transactions – Total value: AED 106 million

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