Dubai: For the costliest residential deal in Dubai this year, a villa on Jumeirah Bay Island beat the competition from Palm Jumeirah, selling for Dh121 million. Luxury home sales were boosted once again at the top end of Dubai’s luxury housing market, as the Top 5 deals commanded over Dh100 million in each deal, according to Luxhabitat Sothebys.
“The enormous growth in the luxury residential sector speaks volumes of the Dubai real estate market’s resilience in this post-Covid era,” said George Azar, CEO, and Chairman. “Some of our top billing areas have seen 3x the number of deals versus the previous quarter with 80 percent of the transactions worth an average of Dh30 million.”
In the villa area, all the action – at least the big bucks ones – takes place. Sales volume increased by 35.92 percent with an average price of Dh2.8 million. A 14.8% increase in price was also recorded on a square foot basis. “We have seen an increased number of super-villas above Dh100 million being transacted, one of which was a mansion in Jumeirah Bay Island that transacted at Dh121 million, a Palm Jumeirah mansion at Dh111.25 million, and a Dubai Hills Grove mansion at Dh103 million.”