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New Delhi: A mansion built on Dubai‘s Palm Jumeirah The island has become the most expensive home sold in the Persian Gulf emirate, the latest real estate record as the city’s luxury property sales surge.
villa, called casa del solReceived $82.4 million when sold in July, according to its developer alpago properties, The firm declined to name the buyer, citing privacy concerns. According to a partially amended title deed seen by Bloomberg, the mansion was purchased without mortgage.
The mansion is built on the frond G of the Palm Jumeirah, a tree-shaped artificial island, and is located on land known as Billionaires Row. Tycoon Mukesh Ambani’s firm had previously set a record after buying a 10-bedroom villa on the island for his youngest son for $80 million, people familiar with the matter said in August.
Property prices in Dubai have climbed over the past year as the government’s handling of the pandemic and its liberal visa policies have attracted more expats. In particular, the luxury end of the real estate market has benefited from new government policies such as the long-term “golden visa”. “We have developed six villas and sold almost all of them,” Murat Aydaldiz, founder and president of the Alpago Group, said in an interview.
The Casa del Sol, still partially under construction, will be completed in early 2023 and will have eight bedrooms and 18 bathrooms. Amenities will include a gym, cinema, bowling alley, Jacuzzi and a basement car parking that will fit 15 vehicles. It is one of six villas developed by Alpago on Palm Jumeirah. The cheapest sold according to the firm at 128 million dirhams.
According to Pratyusha Gurapu, Head of Research and Advisory at Core, sales of homes worth 100 million dirhams and above have increased this year with 12 transactions compared to 5 in 2021.
“It’s been a bumper year for Prime residential Overall transaction,” Gurapu said. “If you look at transactions in excess of 10 million dirhams or over 20 million dirhams, almost all ticket sizes have seen an increase in sales.”
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