Sales of super-luxury homes in Dubai have increased, with a villa on the Jumeirah Bay island selling for Dh175 million. The 17,500-square-foot, five-bedroom property known as ‘Sea Mirror’ will be ready for occupancy later this year.
The buyer is from abroad, following a trend of high-net-worth investors focusing on Jumeira Bay for beachfront properties. According to a recent Knight Frank report, the location is one of the top five for selling homes for Dh10 million or more.
The developer, Lamar, intends to expand on the branding concept by introducing ‘Sea Mirror Residences’ near the Dubai Water Canal and adjacent to the Four Seasons project. Driven Properties was the agency that took part in the transaction.
Jumeira Bay, with its Bulgari homes, has consistently set records for plot and land sales. A penthouse was purchased for Dh410 million, making it the most expensive unit in the city. The island destination also had a residential plot sale for Dh125 million, which was a record.
The record for the most expensive homes in Dubai still stands at Dh598 million for a Palm property. Others have fetched Dh300 million or more on the Palm recently. Currently, there are penthouses on the market for more than Dh700 million.
“On Jumeira Bay island, property prices have gone up by a factor of 3x since September 2020,” said Kianoush Darban of Driven Properties, who was one of the agents handling the Dh175 million deal, with Lina Allaoa being the other.
Driven Properties recently rented out a home in Jumeira Bay for Dh3.7 million.
