There may have been rumblings about the stability of Dubai’s property market lately but one recent transaction shows that ultra-high net worth clients still have confidence in the luxury end of the industry.
One of the biggest property deals on the Palm Jumeirah has just been revealed, with a buyer purchasing off-plan a property for Dh64.8 million, $17.6m or £11.5m depending on what’s in your pocket, topping the last biggest deal which came in at Dh40 million.
The deal was done by Luxhabitat (the high-end real estate company which represented both buyer and developer) in collaboration with Terra Casa Real Estate and AA Properties.
To be fair the three-storey M. State villa does look and sound stunning, situated on a wide private beachfront of 51 m, with an unique oversized infinity pool measuring over 17m long, making it one of the longest private pools on the Palm.
The villa developed by AA Real Estate Development will have a stunning panoramic view of the sea, Dubai Marina and the Palm’s crescent once completed later this year.
Deals in Dubai this year
|Neighbourhood||Value transacted, (Dh)||Number of properties sold above Dh5M|
|The Springs and The Meadows||142,334,167||19|
Source: Luxhabitat Analysis, July 2015