A 9,000 square foot villa on the Palm Jumeirah was the most expensive unit sold in Dubai in the first-quarter of 2019, according to new research.

High-end property brokerage firm Luxhabitat revealed that the exclusive property went for Dh51 million (£11 million).

The second costliest villa, also at around 9,000 square feet, was sold for Dh50 million in Umm Suqeim.

Global real estate consultancy CBRE said in its latest report that average prime property price in Dubai is $548,338, more economical than Hong Kong, London, New York, Singapore, Paris and Sydney among major cities.

The prime residential market in quarter one of 2019 totalled Dh10.6 billion, according to Luxhabitat, which is approximately 44 per cent higher than the previous quarter.

The analysis defines the prime residential market as a residential market composed of properties that lie on the high-end spectrum of the Dubai residential market.