The modern villa boasts a massive 33,000 sq. ft. of fantastic living area.
On the Palm Jumeirah, a new 10-bedroom custom-built mansion has sold for a record Dh280 Million. The 33,000 sq. ft. modernist white home boasts extraordinary living space, seven-star spa hotel amenities (including a gym as well as a beauty salon), and imported and hand-picked book-matched Italian marble. The property has more than 70 meters of private beachfront and is equipped by uber-luxury Italian furniture houses Giorgetti and Minotti.
In 2021, Dubai’s luxury property market experienced tremendous growth, with prices rising by an estimated 21% in the first ten months of the year. During January and November 2021, there will be around Dh135 billion in transactions.
Property prices in the luxury segment swiftly recovered following the Emirate’s successful handling of the pandemic, as high-net-worth individuals from Europe, Asia, and Africa returned to the city to snap up cheaper but luxurious houses. Including one triplex penthouse selling for Dh180 million in 2021, Palm Jumeirah has been topping the luxury property transactions.
Conor McKay, a property broker with the luxury real estate firm Belleview Real Estate, managed Dubai’s highest-ever residential villa transaction.
The government’s response to the Covid-19 outbreak was a major factor in growth in 2021. While we were under extreme lockdown, Dubai had one of the most thorough testing infrastructures in the world within six weeks, supporting the premise to return to normal very instantly, according to Conor McKay.
While a short-term perspective on the market can seem daunting, if we look at the big picture, we can see that the average total dirham cost per square foot of property is just 78 percent of the peak level in 2014. When you consider how strong Dubai is now in comparison to before. You cannot help but foresee even tremendous growth, according to Peter Smithson, sales director at Belleview.
The sale of this Palm Jumeirah house set a new record again for the largest value residential villa sale in Dubai, according to the real estate portal.
“To witness a transaction of this size demonstrates Dubai’s property market’s continued strength,” says the author. Especially in the ultra-high-end market. The deal not only breaks but also closes the gap with Dubai’s prior record. According to Zhann Jochinke, COO of Property Monitor, there is a gap between Dubai’s high-end market and those of top global cities like London, New York, and Hong Kong.
According to Ata Shobeiry, CEO of Zoom Property, the luxury real estate market will continue to recover in 2022.
In 2022, the luxury housing market will continue to grow, with more premium buildings and developments on the horizon. As a result, he believes, affluent international investors will become increasingly interested in the sector.
The market as a whole will profit from an infusion of foreign investors, as the desire from Ukrainian as well as Russian buyers will also expand. Furthermore, visa changes, expat-friendly rules, and strong profit margins continue to draw investors from around the world, making Dubai an attractive real estate investment market, according to Shobeiry.