Is the Dubai Water Canal the upcoming destination for wealthy investors seeking expensive homes? It certainly appears to be the case after a private family office acting on behalf of a “European billionaire” purchased two duplex penthouses.
These apartments are a part of the Mr. C Residences Jumeirah, where a single deal cost more than Dh120 million (or $32.7 million), which is viewed as a sign that demand for luxury real estate investments in Dubai would continue to grow through 2023.
The wealth management company for the deal was Everose Properties, which was represented by Karl Shehfe and Gregory Mathieu.
The buyer’s identity has not been made public.
The purchase was made at a time when market indicators point to the possibility of other eye-catching Dh100 million+ deals in the coming weeks. Super-premium real estate saw record-breaking transactions in the previous year, with the most expensive villa purchases topping Dh300 million. There were also real estate transactions that exceeded Dh600 million.
The Mr. C Residences, a project led by Maggio and Ignazio Cipriani of Mr. C, a luxury hospitality and residential brand, in partnership with Alta Real Estate, features 27 customized units. Abdullah Al Tayer is the leader of the latter.
“Dubai Water Canal is becoming a new billionaire’s row with Mr. C Residences Jumeirah attracting an influx of first-time investors from Europe,” said a statement.
“We are honored by the response we received from both the local and international communities since the project is practically sold out,” says Ignazio.
“Living in Mr. C Residences Jumeirah is like embarking on a journey on a classic Italian yacht through the Arabian Gulf every day”– Ignazio Cipriani of Mr. C