(MENAFN- Khaleej Times)
Published: Thu 12 May 2022, 8:21 PM
Last updated: Thu 12 May 2022, 10:47 PM
Dubai's luxury property remained in demand as another high-value mansion costing Dh63 million sold on Palm Jumeirah.
Spanning 8,600 square feet with its coveted location on N Frond, the sale of an LA-inspired beach mansion indicated that luxury properties are in high demand and will continue to attract high net worth individuals, millionaires and entrepreneurs to Dubai following visa and labour reforms in line with the best international practices.
The European buyer, who purchased this Californian style beach house as an end-user, recently moved to Dubai with his family. The mansion comprising of five-bedroom garden home's smart home technology, excellent condition and bespoke finishes made it a rare option in the market.
“Homes of this calibre are extremely hard to find in the Dubai market now due to a limited supply of product offerings like these as well as an influx of luxury property buyers who are seeking exactly this type of quality home. The home was presented in absolute mint condition – which went well noticed by the buyers and made them fall in love with it almost immediately,” said Shares Kunal Singh Gupta, associate director of Luxhabitat Sotheby's International Realty, who represented both buyer and seller in the transaction.
The Palm Jumeirah has made a big comeback after 2020 in terms of prime residential sales. — File photo
Luxhabitat Sotheby's International Realty has reported buyers of a similar profile in the recent past - many high net worth individuals or ultra high net worth individuals, international buyers are being drawn to Dubai as home.
Palm Jumeirah leads
The Palm Jumeirah has made a big comeback after 2020 in terms of prime residential sales. Over Dh4.6 billion in sales have been recorded this year so far in the area, based on data from the Dubai Land Department, out of which 57 villas have been sold for a sales volume of Dh1.59 billion.
“The most in-demand luxury homes now are those designed in a modern or Mediterranean style, with a larger plot and built-up area as well as mega-mansions with views over beach or golf course or park, depending on the location,” Kunal said.
Super prime villas, apartments and penthouses are most in demand, as people living here like to enjoy the sun and outdoors as much as possible. — Supplied photo
He said super prime villas, apartments and penthouses are most in demand, as people living here like to enjoy the sun and outdoors as much as possible.
“Areas such as Palm Jumeirah, Jumeira Bay Island, Emirates Hills, and Dubai Hills are catering to the wealthiest one per cent of the world, which is a great sign for Dubai and the UAE moving forward,” he said.
The top 10 most expensive properties sold in first quarter of 2022 were from the Palm Jumeirah, Emirates Hills, Jumeira Bay and Downtown Dubai areas, according to Luxhabitat analysis while referring data from the Dubai Land Department.
Besides location, Kunal also lists quality of build, use of home automation technology, in-house amenities, privacy, availability of dining and entertainment options, and proximity to schools on the checklist of Dubai's luxury property buyers.
“Most of the high-value buyers also focus on the uniqueness of the property and all added benefits of living within that sought-after community with many things to match the lifestyle they are typically used to overseas & otherwise,” he said.
Garden Home with sunset view
The villa sold was built from scratch on the plot and designed with keen attention to detail by the sellers. The garden home with sunset views has a contemporary style and hosts neutral colours. The exotic open plan living area is modern and airy with a beautiful transition to the outdoors and breath-taking sea views with automated guillotine windows designed to create seamless indoor/outdoor living with pocket doors to privatise the living and dining space as needed.
All the furniture in the villa is of Italian make — with pieces from high-end brands like Minotti, Flexform, Poliform, Paola Lenti, and Poltrona Frau all flown in from their respective design studios. The home also has an infinity pool that hosts a swim jet and access to 3km of prime beachfront.
The whole home is automated with the use of top-end smart home technology and security systems. The terraced exterior has plenty of room for relaxing or partaking in some al fresco dining along with a jacuzzi on the rooftop, all of which overlook the private beachfront and fantastic Atlantis views.
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