Villa Sales On Palm Jumeirah Top $59m During Q2

Latest figures for sales on Palm Jumeirah show that investors spent just over $59m (AED219m) on buying six properties during Q2 2014.

Figures compiled by Reidin.com for Emirates 24/7 show that Palm Jumeirah attracted the biggest villa deals for the second consecutive quarter.

The most expensive deal record in the three-month period was a Palm villa that sold for just over $16m (AED58.8m), or $2,092 (AED7,684) per square feet.

Three villas in Emirates Hills were almost among the most expensive sold in Q2, with two sold for in the region of $9.6m (AED35.5 and AED Dh35.3) and a third selling for $9.3m (AED34.5m).

Another villa on the Palm sold for $9.3m (AED34.5m) during Q2.

The Palm was where nine of the top ten villa deals were completed during the first quarter, with buyers paying between $816 (AED3,000) and $1,334 (AED4,900) per square foot. The biggest deal during Q1 was on the Palm for $12.2m (AED45m).

Market sources told Emirates 24/7 that most of the larger deals are done in cash with buyers from Russia, Iran, and India.