An aerial view of the villa on Palm Jumeirah.
Gulf Today, Staff Reporter
A ten bedroomed, custom-built villa on Palm Jumeirah has been sold for record Dhs280m ($76.2m). The previous long-standing record - of Dhs185m - has been unbeaten since 2015.
This enormous contemporary white villa features an enormous 33,000sq ft of state-of-the-art living space, seven-star spa hotel facilities, (including a gym and a hair salon), imported and handpicked book-matched Italian marble, all furnished by uber-lux Italian furniture houses Giorgetti and Minotti.
The property comes with more than 70 meters of private beachfront.
Highest-ever value residential villa sale in Dubai overseen by Belleview’s leading luxury property broker, Conor McKay Transaction underlines strength of Dubai’s ultra-high end property market.
Luxury real estate agency Belleview Real Estate is celebrating smashing the record for a Dubai property sale after finding a buyer for the unique property on the coveted north fronds of Palm Jumeriah.
While many transactions came close to that amount, it was leading luxury property broker Conor McKay who clinched the astounding deal.
Real estate platform propertymonitor.com verified that the sale of this Palm Jumeirah villa sets a new record for the highest value residential villa sale in Dubai.
Property Monitor's COO, Zhann Jochinke, says: "To see a transaction of this magnitude illustrates the ongoing strength of Dubai's property market particularly in the ultra-high-end segment.
“The transaction not only beats Dubai's previous record but closes the gap between Dubai's luxury market and those of leading global cities such as London, New York, and Hong Kong."
For context, the highest value property in London is currently on the market for around $40m; in New York, $169m, and in Hong Kong $82.2m.
Broker Conor McKay is no stranger to Dubai’s uber-luxury property market. He has a long history of selling luxury real estate.
Having established himself as one of the top brokers in Emirates Hills, Palm Jumeriah, and Dubai Hills, he has won numerous third-party awards over the years.
Dubai’s real estate market witnessed transactions worth Dhs72.5 billion in the first half of 2020, despite the impact of the global COVID-19 outbreak, according to a report issued by the Dubai Land Department (DLD).
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