By: Amr Adel

Dubai – Mubasher: Dubai-based Omniyat has sold the most expensive under construction apartment in the Middle East to a Gulf investor, chairman and CEO Mahdi Amjad revealed on Tuesday.

The apartment in question was sold for AED 102 million ($27.76 million) at the Cityscape Global 2017 event on the second day of the mega property event, the top official told Mubasher.

The Dubai Land Department (DED) has documented the sale and issued a property ownership certificate for the investor, Amjad noted.

Located in The One at Palm Jumeirah, the apartment is part of an-under-construction tower in Palm Jumeirah, which is currently being developed by Omniyat.

Covering a surface area of 45,000 square feet and overlooking a number of sites including the Arabian Gulf, Jumeirah Residence, and Burj Al Arab, the value of per square metre in the apartment costs AED 4,000, making it’s the most expensive property since 2008 and only rivalled by apartments in the Burj Khalifa.

Data compiled by Mubasher indicates that the total value of sales recorded in the first day of the Cityscape Global 2017 event in Dubai amounted to AED 13.25 billion ($3.6 billion) on the first day, spanning 11 projects.

The region’s top real estate event began on Monday and concludes on Wednesday.

This edition of Cityscape Global is the first time in which companies were allowed to make direct property sales.

Translated by: Nada Adel Sobhi