Dubai’s prime residential market saw volume growth in Q3 2022 by 1.11 percent quarter on quarter totalling to AED21.9 billion with an increase in average prices by 11.9 percent, according to a report by LUXHABITAT Sotheby’s International Realty.
The top three areas in terms of sales volume in the prime segment are Palm Jumeirah, Business Bay and Downtown Dubai, being the most favourable locations for prime property buyers.
Occupancy rates in Dubai are also expected to soar above 90 percent, paralleling Expo 2020 and making Q4 performance comparable to the same period in 2021, the report said.
Here are the top 5 most expensive properties sold in Dubai this year:
1. Palm Jumeirah Villa – AED598 million
Mukesh Ambani, India’s second-richest man purchased another piece of property in Dubai, topping his previous purchase which was previously the city’s most expensive residential real estate deal, Bloomberg reported.
The villa on Palm Jumeirah was purchased by the Indian billionaire from the family of business enterprise family Al Shaya, who own franchises of brands including H&M, Starbucks and Victoria’s Secret.
Ambani’s net worth is reportedly over $86.7bn. He is the chairman and managing director of Reliance Industries Ltd which is a Fortune 500 company.
2. Casa Del Sole, Palm Jumeirah – AED302.5 million
The Casa Del Sole mansion by Alpago Properties was sold for AED302.5 million, becoming the most expensive home to be sold in Dubai.
The mansion, which was sold in July, is located on Palm Jumeirah Islands, and is the latest real-estate record as the city’s luxury property sales surge, Bloomberg reported.
Casa Del Sole, which is still partially under construction will be completed in early 2023 and will feature eight bedrooms and 18 bathrooms. The mansion will also include a gym, cinema, bowling alley, jacuzzi and a basement car parking that fits 15 vehicles.
3. Custom-built white villa, Palm Jumeirah – AED280 million
“To see a transaction of this magnitude illustrates the ongoing strength of Dubai’s property market particularly in the ultra-high-end segment,” Zhann Jochinke, Property Monitor’s COO, said in a statement. “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.”
Located on the north frond of Palm Jumeirah, the luxury property features close to 230 feet of private beachfront and a host of other amenities.
4. Custom-built villa, Palm Jumeirah – AED145 million
A custom-built six-bedroom villa on Palm Jumeirah was sold for AED145 million, the villa was listed among the ten most expensive properties transacted in the third quarter of 2022.
The property features panoramic skyline views with an overall area of 17,000 square feet with a built-up area of 13,000 square feet with fixtures from brands like Minotti, Cassina, Baxter, Knoll and Miele.
5. Grove Mansion, Dubai Hills – AED128 million
LUXHABITAT Sotheby’s International Realty has revealed the private sale of a Dubai Hills Grove mansion on the ‘Street of Dreams’.
With a built-up area of 34,113 square feet sitting on a plot of 42,518 square feet, the seven-bedroom mansion was sold brand new.
The home has a modern-meets-classic design with views of the golf course, lakes, and downtown. Besides its seven en-suite bedrooms, the villa also has an entertainment and games room, a gym, a spa, a cinema room, and a pool, in addition to a rooftop terrace. The villa was listed off-market and was sold within a month.
Follow us on
