The sale of a 6-bedroom villa on Jumeirah Bay Island for an astounding $65.5 million (AED240.5 million) set a new record for the Dubai real estate market.
Sold by Sotheby’s International Realty, the villa has achieved the highest transaction price on the island and shattered previous records by a significant margin. The last record-holding sale on the island stood at $47.6 million (AED175 million), which occurred earlier this month.
Features of the Luxurious Villa
The villa is 18,000 square feet in built-up area. and offers stunning beachfront views. Features include:
- A 20-metre lap pool.
- A state-of-the-art gym.
- A spa.
- A cinema.
- A spacious rooftop.
- Dedicated staff quarters.
Collaboration in High-End Real Estate
The sale was made possible by the cooperation between Sotheby’s International Realty in Dubai and Saudi Arabia, even though the buyer is still unknown.
“This record-breaking sale is a testament to the synergy within our international network and the unparalleled appeal of Jumeirah Bay Island as a premier luxury destination. The island’s unique seahorse-shaped shoreline and exclusive amenities make it an irresistible location for ultra-high-net-worth individuals,” said Erick Knaider, Managing Partner of Saudi Arabia Sotheby’s International Realty.
“Our team’s ability to connect discerning buyers with such exclusive properties continues to set us apart in the global real estate market.“
The Rise of Jumeirah Bay Island
Known as a “billionaire’s island,” Jumeirah Bay Island has become a highly sought-after real estate entity among the ultra-wealthy, with land prices rocketing threefold in current years.
This sale entered the ranks of other premier developments, such as the Bulgari Lighthouse, which established the record for the most costly penthouse sale at $112 million (AED410 million).
Dubai’s Promising Real Estate Outlook
According to a recent report by Savills, Dubai is expected to see the most robust growth in prime residential property values in 2024 globally, continuing its momentum as one of the world’s top-performing luxury housing markets.
Also Read: Sol Bay Tower | Luxury and Comfort in the Heart of Dubai in 2024
Conclusion
This record-breaking sale on Jumeirah Bay Island clearly indicates Dubai’s continuing ascendancy in the global luxury real estate market. The emirate’s ability to attract ultra-high-net-worth individuals and offer them unparalleled luxury properties is cementing its status as a prime destination for luxury living. As Dubai’s real estate market continues evolving and setting new benchmarks, it reflects the city’s economic strength and appeal as a cosmopolitan hub that caters to the most discerning international clientele. With predictions of solid growth in prime residential property values, Dubai is poised to maintain its position at the forefront of the world’s luxury real estate markets, offering both developers and investors exciting opportunities in the years to come.
