Khaleej Times

Previously, the Palm Jumeirah made headlines for the sale of a Dh74 million five-bedroom apartment spanning 24,000 square feet, which is currently the most expensive home sold in 2019.

Property Finder revealed that the second most expensive property sold in 2019 is an Emirates Hills six-bedroom villa spanning 17,800 square feet that fetched Dh64 million on the secondary market. This is followed by a five-bedroom Garden Home villa on the Palm Jumeirah’s Fronds which sold on the secondary market for Dh51 million.

In 2018, the most expensive property sold was an Emirates Hills villa on the secondary market for a Dh90 million.

“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 for luxury properties, especially from non-residents. In addition, we are also seeing an increase in enquiries for mortgages from non-residents,” says Lynnette Abad, director of Research and Data at Property Finder.

“Properties which were once considered overpriced have become more attractive as prices declined, therefore we are seeing enquiries increase in the more established, prominent and popular areas.”