Lanai Island mansion sells for $54.4mn says Majid Al Futtaim Development

The sale underlines Dubai’s appeal as a ultra-high-net-worth destination

Majid Al Futtaim Development, part of Majid Al Futtaim Properties, said it has set a new benchmark for luxury real estate in Dubai, with the recent sale of a Lanai Island luxury mansion for US $54.4mn, the highest recorded sale to date at Tilal Al Ghaf.

Designed in collaboration with South African architects SAOTA and with interior finishes by interior designer Kelly Hoppen, Lanai Islands offers a limited collection of 13 ultra-luxury villas on a secluded private island, rising from the waters of a 150,000sqm recreational lagoon, stated the developer.

These villas have become a favourite among the ultra-high-net-worth-individuals (UHNWIs) segment, an exclusive global community that increased by 9% last year.

In mid October 2022, Majid Al Futtaim Properties deployed solar hybrid power at Tilal Al Ghaf and, in mid November 2022, LUXHABITAT Sotheby’s International Realty completed the sale of a $39.5mn Palm Jumeirah villa.

The sale of the property for $54.4mn was closed by Orange City Properties and is said to underscore the strong demand for premium properties in Dubai, where the real estate market is currently at a 12-year record high.

Located on a large corner plot with extensive landscaped gardens extending to a private water frontage, the record-breaking Lanai Island product offers expansive living with over 30,000sqft of gross floor area (GSA), stated the developer.

The villa features eight bedrooms and a number of unique features including a floating lounge deck directly on the water, a sunken rooftop terrace with unrivalled 360-degree views across the lagoon, and a triple-height courtyard that brings light and lush greenery into the centre of the home.

In mid February 2023, Metropolitan Premium Properties closed the sale of a $24.6mn Tilal Al Ghaf villa.

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