United Arab Emirates, Dubai: With the sale of the most expensive readymade apartment. The deal that was sealed at AED 163 Million for a 5-bedroom apartment spread across 22,614 square feet of plush residential space has made history for being the biggest and most expensive deal in the history of Dubai’s real estate market. The scenic property is located at the premium Royal Atlantis Residence in Palm Jumeirah.
The report revealing impressive numbers targeted toward consistent growth. The report issued by the company's interactive data website DXBinteract.com indicates that Dubai recorded more than 9,450 deals, with sales increasing by more than 65% as compared to the previous month, with a total value of nearly AED 24 billion. The website also mapped more than 6600 transactions for apartments that were completed to make it a month with the greatest number of sales for the real estate sector.
Speaking of the sector’s robust growth, Firas Al-Msaddi, CEO of FAM Properties, said: “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 AED 1.6 million.”
The report reveals a progress-wise breakup of deals and transactions across areas to depict that the sector can expect a steady growth rate even in the near future. The areas that had the highest performance during the month of August 2022 were as follows:
- On the map: Business Bay - 647 transactions - Total value: AED 1 billion
- Ready: Business Bay - 435 transactions - Total value: AED 670 million
- On the map: Damac Lagoons - 695 deals - Total value: AED 1.9 billion
- Ready: Akoya Oxygen - 184 transactions - Total value: AED 235 million
- On the map: Field 1 - 42 deals - Total value: AED 56 million
- Ready: Business Bay - 82 transactions - Total value: AED 106 million