3 Dubai villas among world's most expensive properties sold in 2022

According to a report, a Dh600 million villa located on Frond N on Palm Jumeirah was the third most expensive prime property sold last year


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by

Waheed Abbas

Published: Thu 23 Feb 2023, 4:56 PM

Last updated: Thu 23 Feb 2023, 8:12 PM

Three Dubai properties have been ranked among the world’s 25 most expensive properties sold globally last year. All three villas were located on the prestigious Palm Jumeirah, which has been the biggest attraction for foreign buyers for high-end property purchases.

Dubai’s prime property recorded one of the highest capital value growth at 12.4 per cent last year, said Savills. According to Forbes Global Perspective, a Dh600 million villa located on Frond N on Palm Jumeirah was the third most expensive prime property sold last year. Media reports said Indian billionaire Mukesh Ambani, also chairman of Reliance Industries, had bought the most expensive villa in Dubai.

Another villa located on the Palm sold for Dh302.5 million and was the 17th most expensive property sold worldwide last year. Developed by Alpago Properties, the Casa Del Sole signature villa was built over four levels on a plot of 28,000 sqft. It was built on Frond G row, also known as “Billionaire Row”.

While a Dh280-million 10-bedroom custom-built villa on Frond N was the 19th most expensive property sold globally last year. The contemporary white villa features an enormous 33,000 sqft, 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. It boasts more than 70 metres of private beachfront as well.

Forbes said nearly a third of surveyed markets reported that the number of foreign buyers had exceeded 2017 levels.

“In Dubai, foreigners grew to about 30 per cent of luxury home buyers in 2022, due in part to the UAE’s new infrastructure, tax and investment opportunities, economic growth, as well as its dynamic approach to adapting immigration regulations to attract private wealth, capital, and talent,” it said.

Globally, five ultra-prime properties in South Florida, four each in Hong Kong and Los Angeles and three each in Dubai, London and New York City made it to the top 25 list. In total, the total value of all 25 sales was Dh9.175 billion with the US accounting for 56 per cent.

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