A 9,000 square foot villa on the Palm Jumeirah was the most expensive unit sold in Dubai in the first-quarter of 2019, fetching Dh51 million.

According to high-end property brokerage firm Luxhabitat, the second costliest villas was sold for Dh50 million in Umm Suqeim with built-up area of 9,000 square foot.

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.

According to Luxhabitat analysis, more than 1,737 villas and 6,194 apartments were transacted in the first quarter of 2019; while the secondary-market saw transactions reaching Dh20.4 billion.

This is compared to Dh18.5 billion in quarter four last year, registering an increase of ten per cent.

The prime residential market in quarter one of 2019 totalled Dh10.6 billion, 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.