A custom-built residential villa sold for AED280 million ($76.2 million) in April, setting a property record as the most expensive property in the ‘City of Gold’.
The property was managed by listing agent Conor McKay of Belleview Real Estate. Sold by the award-winning luxury real estate broker, the sale price for the mansion was approximately 33% higher than the previous record of AED185 million (US$50.3 million) set in 2015.
Zhann Jochinke, COO of Dubai-based real estate platform Property Monitor, said a transaction of this magnitude depicts the continued strength of Dubai’s property market, particularly in the very upscale segment.
“Not only does this transaction beat Dubai’s previous record, it bridges the gap between Dubai’s luxury market and that of major global cities such as London, New York and Hong Kong,” Mr. Jochinke said.
Standing proudly on the waterfront of the Palm Jumeirah, this massive mega-home spans 33,300 square feet and has ten bedroom suites. There are indoor and outdoor swimming pools, a seven-star spa, a personal hair salon and 70 meters of private beach. To add to the luxury and grandeur of the property, the megamansion also features an endless amount of state-of-the-art living space, all finished to the highest possible specification.
McKay said Global Mansion that the megamansion is the only villa on the man-made island that offers an indoor pool. In addition, the property has a gym, sauna, cinema, wine cellar, aquarium and an extensive roof terrace with a Jacuzzi.
The interior of the residence is completely clad in imported, hand-selected marble, supplied by Italian furniture houses Giorgetti and Minotti. The finest slabs of grade A marble, matching the books, can be seen in the spa area and in the master bedroom bathroom, which has several seating areas and a large walk-in closet.
According to McKay, Dubai has seen a robust market since the onset of Covid-19. More sales of homes priced over US$10 million were made in the first quarter of 2022 than in any year since 2015.
For more reading on real estate, click here.