Dubai: Sales of super-luxury homes in Dubai has picked up pace, with the Jumeira Bay island recording a Dh175 million deal for a villa. The 17,500 square feet, five-bedroom property – branded as ‘Sea Mirror’ - will be ready for handover later this year.
The buyer is from overseas, continuing a pattern of high networth investors zeroing in on Jumeira Bay for beachside homes. A recent report by Knight Frank cited that the location is among the Top 5 locations recording sales of Dh10 million and plus homes.
The developer, Lamar, plans to expand on the branding concept by launching ‘Sea Mirror Residences’ near the Dubai Water Canal and adjacent to the Four Seasons project. Driven Properties was the agency that played its part in the transaction.
Jumeira Bay, with its Bulgari homes, has been a constant when it comes to recording record sales on plots or land. It was here that a penthouse was bought for Dh410 million, and making it the priciest such unit in the city. The island-destination also had a residential plot sale of Dh125 million, which too was a record.
The record for the priciest homes in Dubai still stands with the Dh598 million one for a Palm property. There have bene others that fetched Dh300 million and more on the Palm during the recent past. Currently, there are penthouses in the market with price tags upwards of Dh700 million.
"On Jumeira Bay island, property prices have gone up by a factor of 3x since September 2020," said Kianoush Darban of Driven Properties, who was one of the agents handling the Dh175 million deal, with Lina Allaoa being the other.
Driven Properties had recently rented out a home at Jumeira Bay for Dh3.7 million.
