A five-bedroom apartment located in One Palm has taken the top spot for 2019 in the Dubai property market.
The off-plan property on the iconic Palm Jumeirah sold for US$20 million earlier, becoming the most expensive deal of the year so far.
Lynnette Abad, director of research and data, Property Finder, which revealed the deal, said super-luxury properties in Dubai are bucking the downward trend experienced elsewhere in the emirate’s property market.
“As property prices decline, both in the secondary and off-plan markets, coupled with motivated developers offering many different types of incentives, we are seeing more interest in luxury properties, especially from non-residents.
“In addition, we are also seeing an increase in enquiries for mortgages from non-residents,” said Abad.
Property Finder revealed that the apartment spans 24,000 square feet.
Situated on a prime plot of the Palm Jumeirah entrance, One Palm offers stunning views of Dubai Marina’s skyline and the Arabian Gulf.
Palm Jumeirah proved to be the most popular area in Dubai for transactions in the super-luxury property market, with a host of transactions reported in the $5.5 million range.
In the off-plan space, projects like the Alef Residences, XX11 Carat, Jumeirah Zabeel Saray and Bulgari Resort & Residences are fetching over $5.5 million for an individual unit sale.
Details of the buyer have not been disclosed.