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Dubai property market sets new record, villa sold for Dh280 million

The contemporary villa features an enormous 33,000sq ft state-of-the-art living space

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A new 10-bedroom custom-built villa on the Palm Jumeirah has been sold for a record Dh280 million.

The 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.

Dubai’s luxury property market saw tremendous 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.

The Emirate's successful handling of the pandemic saw property prices in the luxury segment recover quickly, as high-net worth individuals from Asia, Europe and Africa flocked to the city to snap up cheaper but luxurious properties.

Palm Jumeirah has been leading the luxury property transactions, with one triplex penthouse selling for Dh180 million in 2021.

The highest-ever residential villa sale in Dubai was overseen by luxury real estate agency Belleview Real Estate’s property broker Conor McKay.

“One major key to the growth in 2021 was the government’s response to the Covid-19 pandemic. 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,” Conor McKay said.

“While a short-term view of the market can be intimidating, when we look at the overall history, we see the current average dirham cost per sq foot of property is only 78 per cent of the previous peak in 2014. Consider how strong Dubai is now, compared to then, and you have no option but to predict further significant growth,” said Peter Smithson, sales director at Belleview.

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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, COO of Property Monitor.

Ata Shobeiry, CEO at Zoom Property, said the luxury property market will continue its rebound in 2022.

“The luxury property market will retain its upwards trajectory in 2022 with more upscale buildings and projects on the rise. Consequently, wealthy foreign investors will show more interest in the sector," he said.

"The market, on the whole, will benefit from an influx of overseas investors as there’s an increase in demand from Ukrainian and Russian buyers, as well. Moreover, visa reforms, expatriate-friendly policies, and high profit earning potentials continue to attract investors from across the globe, making Dubai a lucrative market for real estate investment,” Shobeiry said.

— waheedabbas@khaleejtimes.com

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