LUXHABITAT Sotheby’s International Realty has completed the sale of an $39.5mn custom-built villa on the Palm Jumeirah in Dubai – a transaction that places it amongst the top ten most expensive properties transacted in Q3 2022 in Dubai.
In a statement, the firm said the six-bedroom villa spans an overall area of 17,000sqft, with a total built-up area of 13,000sqft. The villa features a panoramic skyline view and luxury, high-end interiors from brands such as Minotti, Cassina, Baxter, Knoll, and Miele.
Sold by Executive Partner, Honey Deylami, the sale was handled by LUXHABITAT Sotheby’s International Realty end-to-end, with Olga Balashova, Senior Global Property Consultant as the buyer’s agent and Deylami the seller’s agent.
In October 2022, Mukesh Ambani purchased Dubai’s most expensive villa for $163mn and, later in the month, Majid Al Futtaim Communities launched its ultra-luxury concept in Tilal Al Ghaf.
Honey Deylami, Executive Partner, Luxhabitat Sotheby’s International Realty
Commenting on the sale, Honey Deylami commented, “We are seeing increasing demand for bespoke or renovated luxury villas and mansions on beachfront locations such as Palm Jumeirah. The UHNW clientele who are usually buying their second or third home or relocating to Dubai are after turnkey solutions where they save time and effort to build a new home or go through renovation.”
“This category of buyers who are ready to pay over $27.2mn for their new home are expecting the best of the best in every aspect including furniture and fit out. We have witnessed up to 100% capital appreciation on custom-built villas comparing to early 2021, depending on build quality, design, fit out and of course location. This factor has increased the demand and the price for empty land plots as well as that of the original villas on the island where investors take on the design and build to create a turnkey solution to exit with a lucrative appreciation.”
The firm pointed out that Palm Jumeirah saw the largest sales volume in the prime segment overall at $1.39bn and accounted for the largest sales volume in both the prime apartment and villa categories, registering $1.06bn and $299.5mn respectively.
In early November 2022, Alpago Properties announced that its luxury Palm Jumeirah penthouse will cost $68.06mn.
Prices per square foot on the Palm for villas averaged $1,340 in Q3 2022, growing 36.85% quarter on quarter, with average prices growing by 7.62% and sales volume reaching $319mn.
With Palm Jumeirah leading on sales volume by a large margin, other popular residential areas for villas in Q3 2022 were Emirates Living, where villa sales volume reached $236mn and MBR City, where sales volumes was just shy of $191mn.