Emirates Hills, claiming to be the "Beverly Hills" of Dubai, completely dominated the list of Dubai's costliest villa transactions in 2015, Emirates 24/7 reports.
Ten out of ten deals all took place in the prestigious gated community of Emirate Hills, with the top deal closed at Dh93 million, as shared by Reidin.com to Emirates 24/7. The said deal happened in July 2015, where the buyer dropped the said amount for a 22,792-square-foot property, translating to a per square footage price of Dh4,080.
Just tailing behind at second and third place were deals worth Dh60 million in February and Dh 53.50 million in January of the same year, as registered with the Dubai Land Department.
Meanwhile, the remaining seven deals were closed at a price between Dh46million and Dh40 million.
Though not landing the top three spots, a March 2015 transaction bagged the highest price paid per square feet deal at Dh5,555, amounting to a total price of Dh40 million for the property.
The data also showed that three out of the top 10 deals took place in the earliest month of 2015, January.
In a report by Unitas Consultancy and Reidin.com presented in May, data showed that December and January were the most active months for buying apartments and villas, while September and July were the most active months for selling.
Also added in the report are data showing that January is the best time to buy in the Springs and Arabian Ranches, and that time for optimal selling point is between June and September. However, based on the eight-year transactional activity month-wise trend in the report, periods January to March and August to October had the lowest liquidity.
According to CBRE's annual market update report for Dubai, there is a 14 percent decrease in the average residential sale rates year-on-year for villas. It predicts the residential market to experience further sales price deflation in the months ahead as the supply levels begin to pick up which would consequently affect both rentals and sales values.
A total of 48,000 units of villas and apartments are expected to enter the market between 2016 and 2018, according to the consultancy.
