A record has been set for Dubai's most expensive property with the sale of a villa on The Palm Jumeirah for Dh302 million ($82.2m).
The double Signature Villa, named Casa Del Sole, was developed by Alpago Properties and sold through its exclusive broker, B1 Properties.
It is on what is known as The Palm's Billionaires' Row on Frond G.
The sale comes amid a booming property market in Dubai, which has broken a number of records this year, including a record number of transactions in August and an earlier record high sale price of Dh280m.
The market has continued to rebound over the past year on the back of the UAE's broader economic recovery after the coronavirus-induced slowdown.
“This villa is the incarnation of the Alpago Properties vision represented by the three lines of our logo: high ceiling, less frames, less columns,” said Murat Ayyildiz, Alpago Group chairman.
“Entering the record books is a proud moment for Alpago Properties, but there is still plenty more to come with more exciting project announcements just around the corner.”
The property has eight bedrooms and underground parking for up to 15 cars. The home has been built over four levels on a plot of 28,000 square feet.
It features amenities such as a home cinema, a bowling alley, a gym, a hammam, a sauna, an infinity pool, a Jacuzzi and a game room.
Set to be finished by the first quarter of 2023, Casa Del Sole is the fourth of a set of six properties that Alpago is developing on Billionaires’ Row. The first, Riva Del Lusso, was priced at Dh147m while the second, Serene Versante, was launched with a price of about Dh136m.
A shortage of prime property in the city has been driving up prices.
The XLV Residence in upmarket Emirates Hills was listed at Dh225m in June. It is the most expensive project in Emirates Hills so far and is expected to surpass the selling price of a five-bedroom villa in the area that fetched Dh102.8m.
“Through to the end of 2025, just eight new villas are expected to be built in Dubai’s prime residential areas, hinting strongly at continued outperformance of villas at the very top of the market as there is nothing to suggest an easing of the luxury home drought any time soon,” Faisal Durrani, partner and head of Middle East research at Knight Frank, said in June.
Dubai is set to have the best-performing prime residential sector in the world, according to a recent report from Savills.
The city was boosted by an inflow of wealthy people and the success of its Golden Visa programme. It is expected to continue to attract wealthy people “at above pre-pandemic levels”, the report said.
The report said Dubai prime property prices grew by 4.7 per cent in the first half of 2022.
The hosting of the football World Cup in Qatar this year is set to boost the market further, industry experts told The National.
“There’s a perfect storm of eyes on the UAE, policies helping investors to buy, demand through the roof and that is only going to continue for the time being,” said Scott Bond, UAE country manager at Property Finder.
The relaunch of the Palm Jebel Ali megaproject could add further impetus to the market, with agents reporting a 300 per cent rise in the value of some waterside properties.
Developer Nakheel said it is revisiting its plans for Palm Jebel Ali, a project dormant since 2009, as the city experiences a surge in demand for beachfront villas and apartments.
