A custom-built 33,300-square-foot megamansion that sold last week for AED280 million (US$76.2 million), now holds the record for Dubai’s most expensive villa.
The selling price for the megamansion was around 33% higher than the previous record, set in 2015, of AED185 million, according to Property Monitor, the Dubai-based real estate platform. The company confirmed that last week’s sale was the most expensive residence ever sold in the city.
“Seeing a transaction of this magnitude illustrates the continued strength of the Dubai property market, particularly in the ultra-upscale segment,” Zhann Jochinke, COO of Property Monitor, said in a statement. “The transaction not only breaks Dubai’s previous record, but bridges the gap between Dubai’s luxury market and those in major global cities such as London, New York and Hong Kong.”
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Located on the northern frond of the man-made Palm Jumeirah island, the residence has almost 70 meters of private beach on the Arabian Gulf. It also has a host of other amenities, according to listing agent Conor McKay of Belleview Real Estate.
“This happens to be the only Palm Jumeirah villa to offer an indoor pool,” he said in an email. “The property has 10 suites, a huge rooftop terrace, wine cellar, cinema, gym and seven-star spa.”
Mansion Global could not identify the buyer.
The villa, which has double-height ceilings and walls of windows that frame water and city views, is also one of the few Palm Jumeirah residences measuring over 33,000 square feet, requiring two plots of side-by-side villas, he added.
Imported, hand-selected marble is found throughout the residence, supplied by Giorgetti and Minotti, Italian furniture houses.
“Marble is also the best grade A, book-matched slabs,” McKay said.
It’s on display in the master bedroom bathroom, which also has multiple sitting areas, a large walk-in closet, and a spa bath, as seen in the photos. Marble is also featured in the spa area, which includes a hair salon, sauna, and hammam and massage rooms.
The property also includes a rooftop aquarium and hot tub.
Dubai has seen a robust market since the start of the Covid-19 pandemic, and there were more sales of homes priced over $10 million in the first quarter of 2022 than any year since 2015, said Mr McKay.
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Some of the market strength can be attributed to the government’s response to the virus, the agent added.
“While we experienced a very strict lockdown, within six weeks Dubai had one of the most comprehensive testing facilities in the world, allowing life to return to normal almost immediately,” he said. . “In 12 months, 89.7% of the population was vaccinated. This response has seen an influx of wealthy people from abroad. Combine that with an already undervalued real estate market and the result is the explosive growth we have witnessed over the past year.
This article originally appeared on World Mansion.