- The $82 million Palm Jumeirah mansion is now the most expensive house ever sold in Dubai.
- The mansion is still under construction, but it should have 18 bathrooms and a 15-car garage.
- The previous record was set in early April for the sale of a $76.2 million villa, also in Palm Jumeirah.
The Palm Jumeirah mansion that sold in July for AED302.5 million, or $82.35 million, is now the most expensive home ever sold in Dubai.
Zhann Jochinke, chief operating officer at Dubai real estate market intelligence provider PropertyMonitor, confirmed to Insider that the transaction set a new record. Bloomberg first reported the news, citing Alpago Properties as an example.
Known as Casa Del Sole, the villa is located on Palm Jumeirah’s Frond G, per Bloomberg. The Palm Jumeirah, a palm-shaped man-made island, is home to multi-million dollar mansions as well as some of Dubai’s most luxurious hotels, including the St. Regis and the Waldorf Astoria.
Casa Del Sole is still under construction, but its design includes eight bedrooms, 18 bathrooms, and a 15-car garage, per Bloomberg. The complex is expected to be ready early next year, with amenities such as a football field and home theater.
The developer declined to disclose the buyer’s identity to Bloomberg. Alpago Properties did not immediately respond to Insider’s request for comment.
Dubai’s luxury real estate scene is booming this year, following on from a strong 2021. Several real estate agents previously told Insider that demand for luxury properties in the city is increasing, especially for off-plan projects that are months or even years away. it is finished.
However, the supply of housing in prime areas is limited. In the exclusive neighborhoods of Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, only eight homes are expected to be completed between 2023 and 2025, per Knight Frank.
Dubai is also likely to see a new record for high-end home sales this year, Faisal Durrani, head of Middle East Research at Knight Frank, wrote in a report on August 17. The city saw 82 high-end home sales in the first. half of 2022. In contrast, there were 93 high-paying transactions for the entire year of 2021, a record at the time. The highest quality homes are those that sell for over $10 million.
“Positive market sentiment, resulting from the world-leading government response to the pandemic, as well as the successful hosting of the World Expo, the re-opening of travel routes, and Dubai’s international security situation continue to strengthen the market,” Durrani said. he wrote in a market report in May.
Dubai’s previous real estate record was set in early April with the sale of a $76.2 million luxury villa, also in Palm Jumeirah.