Dubai: A villa on Jumeirah Bay Island beat competition from Palm Jumeirah for the costliest residential deal in Dubai this year, selling for Dh121 million. In another sign that demand is soaring at the top end of Dubai’s luxury home market, the Top 5 deals each picked up more than Dh100 million apiece, according to the latest Luxhabitat Sothebys report.
"The enormous growth in the luxury residential sector speaks volumes of the Dubai real estate market's resilience in this post-Covid era,” said George Azar, CEO and Chairman. "Some of our top billing areas have seen 3x the number of deals versus the previous quarter with 80 per cent of the transactions worth an average of Dh30 million.”
Yes, all the action - at least the big bucks ones - are happening in the villa space. There was a 35.92 increase in sales volume with an average price of Dh2.8 million. There was also an increase in price on square foot basis by 14.8 per cent. "We have seen an increased number of super-villas above Dh100 million being transacted, one of which was a mansion in Jumeirah Bay Island that transacted at Dh121 million, a Palm Jumeirah mansion at Dh111.25 million, and a Dubai Hills Grove mansion at Dh103 million."