Majid Al Futtaim Properties, a leading real estate developer in Dubai, has announced the sale of a luxury mansion in the Tilal Al Ghaf project’s Lanai Islands for Dh200 million ($54.4 million). The sale is the highest recorded in the company’s flagship project in Dubai and highlights the growing demand for premium properties in the emirate. The Lanai Islands development features 13 ultra-luxury villas located on a private island within a recreational lagoon spanning 150,000 square meters. Designed by South African architects Saota and featuring interiors by Kelly Hoppen, the villas have become highly sought-after by wealthy buyers.
Dubai is currently experiencing a 12-year record high in its real estate market, with the luxury residential segment being one of the most active sectors. According to global property consultancy Knight Frank, the emirate was ranked as the world’s fourth most active market in this segment in 2022. In the same year, Dubai recorded the sale of 219 homes priced above $10 million, with the total value of transactions reaching $3.8 billion. The city ranks behind New York, Los Angeles, and London in terms of luxury home sales. It is also the fifth most active city for sales of homes priced above $25 million, with Hong Kong, New York, Los Angeles, and London ranking higher.
Dubai’s luxury home sales amounted to Dh6 billion in the first quarter of 2023, with 88 units valued at over $10 million being sold as the prime property market continues to recover. The Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island were the emirate’s top prime residential markets, accounting for 64% of luxury home sales during the first quarter. Average transaction prices in these high-demand locations reached Dh8,800 per square foot. In April 2023, a 24,500 square-foot sand plot in Jumeirah Bay was sold for Dh125 million, setting a new record as the most expensive land plot sale in the UAE.
Despite the global economic slowdown, Dubai’s luxury real estate market has remained resilient, with investors showing strong interest in the city’s upscale properties. Majid Al Futtaim Properties’ record sale of the luxury mansion in Tilal Al Ghaf is a testament to the emirate’s booming real estate sector and its attractiveness to wealthy buyers.
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