In Pictures: Dubai is building the next generation of (super-)luxury homes – and a Guinness World Record one too

Most of the ready-to-move-in Dh100 million plus villas in Dubai are with new owners, or soon will be.

“This year, Dubai recorded the highest number of transactions above Dh100 million - 16 so far in the secondary and offplan market - compared to 5 in 2021,” says Prathyusha Gurrapu, which heads research and advisory at Core, the consultancy. “Due to Dubai’s positioning along with internationally comparable ultra-prime residences, we expect demand from this segment to continue.”

But right now, it’s on the apartment side – the super-prime versions – where the buying action is at its heaviest.

That’s what has been different about the third quarter transactions in Dubai’s property market. In a listing of the Top 10 or 15 deals during July to end September, luxury apartments have taken most of the key spots, apart from the one right at the top. That ranking went for the much publicised Dh302.5 million deal for a new villa on the Palm’s Frond G.

But look beyond that, and you can see the priciest penthouses have seen deals being struck, the most notable being the Dh163 million for the one at Atlantis The Royal Residences on the Palm, a project that is heading towards its completion.

Six Senses Residences on the Palm sold one for Dh92 million, and then one developer – Omniyat – took the next three spots, signing off on deals between Dh85 million to Dh44 million.

The Dh44 million one was for a unit at the AVA, which Omniyat launched earlier this year at the Palm. Global wealth keeps flowing into Dubai and the UAE, and the most visible sign of that is in its property space.

Where else should investors be seeking a luxury home buy? City Walk’s new phase and Madinat Jumeirah keeps landing on the sweet spot with each new release of a building or cluster. “We are talking about entire releases getting sold on Day 1 itself,” said an estate agent.

The Guinness World Record entrant, One Za’abeel, is another that has buyer prospects talking animatedly. Being the world’s largest cantilevered building is a sure way of connecting with investors – and there is, of course, that coveted location near the Dubai World Trade Centre.

“Between One Za’abeel, AVA and the many others, Dubai offers the most visible set of luxury and super-luxury new-build residential options this side of London,” said the estate agent. “Whether its Dh20 million or Dh100 million and above, every range is covered.”

And the world’s investors are listening – and jetting down.