A mansion believed to be Dubai’s most expensive property was sold for $76 million (280 million dirhams), the real estate agency behind the sale said in a press statement.
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The 33,000 square foot property on the sought-after Palm Jumeirah artificial island features 70 meters of private beachfront.
It also boasts ten bedrooms, an indoor swimming pool with a spa, Italian marble finishings, and a rooftop terrace overlooking the city’s skyline.
The luxury sale exceeded the previous record of $50.37 million (185 million dirhams), which was set in 2015.
It was verified by United Arab Emirates real estate data service Property Monitor, Belleview Real Estate said in a press statement.
“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,” Property Monitor COO Zhann Jochinke said in the statement.
For context, the highest value property in London is currently on the market for around $40 million; in New York City, $169 million, and in Hong Kong $82.2 million.
Award-winning agent Conor McKay secured the deal for Belleview.
“One major key to the growth in 2021 was the government’s response to the COVID-19 pandemic,” he said in a statement.
“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,” he added. “Within 12 months, 89.7 percent of the population was vaccinated.”
According to McKay, “this response saw an influx of high-net-worth individuals from overseas. Combine that with an already undervalued property market and the result is the explosive growth we witnessed last year.”
Luxury property sales in Dubai above $10 million reached record levels in 2021, according to a report by property consultancy Knight Frank released in March.
Ultra-high value property sales in the emirate reached a total of $31.09 billion (114.2 billion dirhams) in that year, more than in 2019 and 2020 combined.
The most expensive villa sold in 2021, according to Knight Frank, was a $32.9 million property on the Jumeirah Bay Island.
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