A custom-built mega-mansion now holds the record for Dubai’s most expensive property sold for AED 280 million. The sale price of the mansion was about 33% more than the previous record set in 2015 of AED 185 million.
According to Property Monitor, seeing a transaction of this magnitude only illustrates further the ongoing strength of Dubai’s property market – specifically the ultra-high-end segment. The transaction not only beats Dubai’s previous record but also closes the gap between Dubai’s luxury market and those of London, New York, and Hong Kong.
Dubai’s most expensive property
According to the agent that brokered the deal, the mega-mansion is only one of few residences on Palm Jumeirah measuring more than 33,000 sq. ft., requiring two side-by-side signature villa plots. Similarly, It is also the only villa on the Palm that offers an indoor swimming pool.
Amenities of the mansion include a huge rooftop terrace, a rooftop hot tub, a wine cave, a cinema, an aquarium, a gym, seven-star spa facilities, and 10 bedroom suites. Located on the north frond, the villa – which has double-height ceilings and walls, has the perfect view of the water and the city alike.
Italian furniture houses like Giorgetti and Minotti can be found throughout the residence. Marble is also replete in the spa area where a hair salon, sauna, steam, and massage rooms can be found.
Dubai Property Market
According to the agent, “Dubai has experienced a robust market since the beginning of the Covid-19 pandemic, and there were more sales of homes priced above $10 million in the first quarter of 2022 than any other year since 2015.
Part of the strength of the market can be attributed to the government’s response to the virus.
While we experienced a very strict lockdown, within six weeks Dubai had one of the most comprehensive testing infrastructures globally, allowing life to return to normal almost immediately.
Within 12 months, 89.7% of the population was vaccinated. This response saw an influx of high-net-worth individuals from overseas. Combine that with an already undervalued property market and the result is the explosive growth we witnessed last year.”
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