Palm Jumeirah villa sells for $82.2 million, a record for Dubai property market

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A record has been set for the most expensive property in Dubai with the sale of a villa on The Palm Jumeirah for Dh302 million ($82.2 million).

The double Signature Villa, named Casa Del Sole, was developed by Alpago Properties and sold through its exclusive broker, B1 Properties.

It’s on what’s called The Palm’s Billionaires’ Row on Frond G.

The sale comes amid a booming real estate market in Dubai, which has broken a number of records this year, including a record number of transactions in August and a previous record sale price of Dh280 million.

The market has continued to rebound over the past year on the back of the UAE’s broader economic recovery from the coronavirus-induced slowdown.

“This villa is the embodiment of Alpago Properties’ vision represented by the three lines of our logo: high ceiling, fewer frames, fewer columns,” said Murat Ayyildiz, Chairman of Alpago Group.

“To enter the record books is a proud moment for Alpago Properties, but there is still much to do with more exciting project announcements fast approaching.”

The property has eight bedrooms and underground parking for up to 15 cars. The house was built on four levels on a 28,000 square foot lot.

It has facilities such as a home cinema, a bowling alley, a gym, a hammam, a sauna, an infinity pool, a jacuzzi and a games room.

Due for completion by the first quarter of 2023, Casa Del Sole is the fourth in a set of six properties that Alpago is developing on Billionaires’ Row. The first, Riva Del Lusso, was priced at Dh147 million while the second, Serene Versante, was launched with a price tag of around Dh136 million.

A shortage of prime real estate in the city has driven prices up.

The XLV residence in the chic Emirates Hills district was listed at 225 million dirhams in June. It is Emirates Hills’ most expensive project to date and is expected to exceed the sale price of a five-bedroom villa in the area which has reached Dh102.8 million.

“Until the end of 2025, only eight new villas are expected to be built in Dubai’s main residential areas, strongly suggesting continued outperformance of villas at the very top of the market as there are no signs of an easing of the drought. luxury homes. soon,” said Faisal Durrani, partner and head of Middle East research at Knight Frank, in June.

Dubai is on course to have the best performing prime residential sector in the world, according to a recent report by Savills.

The city has been boosted by an influx of wealthy people and the success of its Golden Visa program. It is expected to continue to attract wealthy people “at higher levels than before the pandemic”, the report said.

The report states that high-end real estate prices in Dubai increased by 4.7% in the first half of 2022.

Hosting the FIFA World Cup in Qatar this year is expected to further boost the market, industry experts said. The National.

“There is a perfect eye storm on the UAE, policies helping investors buy, demand through the roof and that will only continue for now,” said Scott Bond, Emirates Country Director. United Arabs at Property Finder.

The revival of the Palm Jebel Ali megaproject could give the market a boost, with agents reporting a 300% increase in the value of some waterfront properties.

Developer Nakheel said it is reviewing its plans for Palm Jebel Ali, a project that has been dormant since 2009, as the town sees a surge in demand for beachfront villas and apartments.

Updated: October 03, 2022, 7:50 a.m.

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