A luxury villa costing Dh100 million has been sold in Dubai, making it the second property in the emirate to hit nine figures this year.
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Located on the Palm Jumeirah, the villa spans over 20,756 sq ft and consists of seven bedrooms, nine bathrooms, a steam room, a private pool and a garden. It also offers stunning views of the Arabian Gulf as well as Dubai Marina and Jumeirah Beach Residence (JBR) skylines.
The villa has been bought by a European buyer who wished to remain anonymous.
In March 2021, On100Palm villas was sold for a staggering Dh111.25 million, making it the most expensive property sold in Dubai this year, according to Dubai-based brokerage firm LuxuryProperty.com, which represented both the buyer and the seller.
A study by Bayut and Dubizzle has revealed that sales in the most popular Dubai neighbourhoods have shown promising growth and rising demand for luxury real estate, especially in the first quarter this year.
The study found prospective buyers and investors have favoured Jumeirah Village Circle, Jumeirah Lake Towers, Dubailand and Akoya Oxygen for competitively-priced apartments and villas, while established communities such as Dubai Marina, Downtown Dubai, Arabian Ranches and Palm Jumeirah take the lead for luxury properties for sale.
Andrew Cummings, co-founder and managing director of LuxuryProperty.com, is excited to see the sale complete, but doesn’t find the price point to be surprising.
“We are seeing ever-increasing levels of transactional activity in the super prime marketplace. This transaction only helps to cement Dubai’s position as a primary residence destination,” he said.
“To say that the market is hot is an understatement — the overriding sentiment in the super prime sector is one of positivity. Discerning buyers from around the world are seeing Dubai for what it is — quite simply, the most excellent place to work and to live,” Cummings added.