United Arab Emirates
Palm Jumeirah villa sold for Dh280m
A new 10-bedroom custom-built villa on the Palm Jumeirah has been sold for a record Dh280 million in Dubai, the emirate where records are broken almost every other day.
The stylish contemporary white villa features an enormous 33,000sq ft, state-of-the-art living space, seven-star spa hotel facilities (including a gym and a hair salon), and imported and handpicked book-matched Italian marble. The property is furnished by uber-lux Italian furniture houses Giorgetti and Minotti and boasts more than 70 metres of private beachfront.
While the details of the exact date of the deal being sealed in ink are unknown yet, the development comes in the first week since the first quarter of 2022 closed on a very strong note.
According to a Kingsley Properties report, quoting Dubai Land Department figures, property sales hit the 22.55 billion mark in transaction volume for the month of March 2022, almost two years since the start to the Covid19 pandemic.
Among a total of 172 localities that witnessed buying in off-plan and completed properties last month, Palm Jumeirah led the pile with the most concentrated interest among buyers.
Real estate platform propertymonitor.com verified that the sale of this Palm Jumeirah villa sets a new record for the highest value residential villa sale in Dubai.
“To see a transaction of this magnitude illustrates the ongoing strength of Dubai’s property market, particularly in the ultra-high-end segment. The transaction not only beats Dubai’s previous record but closes the gap between Dubai’s luxury market and those of leading global cities such as London, New York, and Hong Kong,” said Zhann Jochinke, chief operating officer of Property Monitor.
Visa reforms, rising population, market situations worldwide and changing geopolitics leading the world’s rich and famous to head to Dubai are some of the reasons cited by the Kingsley report as reasons for the upward trajectory in Dubai’s real estate.
The luxury property market in the emirate had also witnessed steady growth in 2021 with prices increasing an estimated 21 per cent within the first 10 months of the year and over Dh135 billion worth of transactions occurring between January and November 2021.
Palm Jumeirah has always been at the forefront among upscale communities in Dubai, with one triplex penthouse selling for Dh180 million in 2021.
According to a Berkshire Hathway survey of property professionals in the region last month, nearly 80 percent are confident that the trend will continue to grow for the rest of the year.
The Dh280m villa deal only goes on to confirm that.
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