Dubai: A six-bedroom villa on Jumeira Bay island has fetched Dh240.5 million, clearing the way for a new record for a location that's been known as the 'Billionaire's Island'.
This is 'not only sets a new record for the highest sale on Jumeirah Bay Island to date but also shatters previous records by a significant margin', says a statement issued by Dubai Sotheby's International Realty, which oversaw the deal.
This comes just weeks after another villa on Jumeira Bay sold for Dh175 million. In the last three years, the destination has been particularly active in rewriting the record books, and becoming a favoured choice for high networth investors.
This Dh240.5 million dea was 'realized through the synergy between Dubai and Saudi Arabia Sotheby's International Realty'. Erick Knaider, Managing Partner of Saudi Arabia Sotheby's International Realty, led the transaction of the 18,800 square feet villa. He said, "The island’s unique seahorse-shaped shoreline, coupled with its exclusive amenities, make it an irresistible location for ultra-high-net-worth individuals."
The deal marks a fitting finale for the first six months of 2024, with Dubai property market continuing to be led by what's happening in the luxury and ultra-luxury space. "What these deals also do is set up the market nicely for the second-half of this year too," said an estate agent. "Offplan or ready, there are more Dh100 million deals happening in Dubai real estate."
