In pics: Dubai’s most expensive residential villa on Palm Jumeirah

A ten-bedroom villa on the north fronds of Palm Jumeirah has just sold for Dhs280m, becoming the most expensive residential villa property in the Dubai.

The villa sale was brokered by Conor Mckay and features a 33,000 sq ft of living space, a spa, gym and hair salon, handpicked Italian marble, with furnishings by Italian furniture houses Giorgetti and Minotti. The property also features more than 70 meters of private beachfront.

Luxury property agency Belleview Real Estate clinched the deal which beats other high-profile sales on the Palm including the One100Palm property which sold for Dhs111.25m, whereas a two-storey 12,140 sq ft villa spread across a 26,033 sq ft plot also located on the Palm featuring a private beach, private pool and landscaped garden sold for Dhs119.5m last June.

Read: Pictures: ‘Most expensive’ villa in Dubai’s Palm Jumeirah sells for Dhs119.5m

McKay has reportedly sold over Dhs750,000,000 in luxury real estate in 2021 alone, and sold another Dhs150m worth of property in the same month as this latest sale.

“One major key to the growth in 2021 was the government’s response to the Covid-19 pandemic. 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. Within 12 months, 89.7 per cent of the population was vaccinated. 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,” said McKay.

Peter Smithson, sales Director at Belleview, added: “While a short-term view of the market can be intimidating, when we look at the overall history, we see the current average dirham cost per sq foot of property is only 78 per cent of the previous peak in 2014. Consider how strong Dubai is now, compared to then, and you have no option but to predict further significant growth.”

Last year, Dubai recorded the highest value of real estate sales transactions in 12 years, with Dhs151.07bn worth of properties sold throughout last year. The total number of real estate sales transactions that took place last year – equalling 61,241 – were also the highest since 2013.

Read: 2021: Dubai records highest value of real estate sales transactions in 12 years