Dubai: Dubai’s emerging super-luxury residential locations are closing in on the Dh100 million or over home sales. An eight-bedroom villa on ‘Lanai Island’ within the Tilal Al Ghaf master-development was sold for Dh90.5 million early February, with the buyer being an Indian family.
The 30,200 square foot plus plush home, with a lagoon to be within easy reach, will be handed over in Q1-2027, according to an official with Metropolitan Premium Properties (MPP), which closed the deal. “It was bought direct from developer – Majid Al Futtaim Properties – and will come with a plot size of 26,000 square feet,” said Nikita Kuznetsov, CEO of MPP.
“Lanai Island is one of two private islands at Tilal Al Ghaf, with 13 mansions, of which nine are ‘shore’ mansions and four are ‘edge’, located along a 1.2-kilometre crystal lagoon.”
The same villa on Palm Jumeirah would be worth a minimum Dh250 million
It was late last year that Majid Al Futtaim confirmed the two ‘island’ projects within Tilal Al Ghaf, located near the intersection of Sheikh Zayed Bin Hamdan Al Nahyan Street and hessa Street.
According to market data from DXBinteract.com, Tilal Al Ghaf mansion and plot sales have been averaging around the Dh20 million mark, with a few striking out to Dh44 million and thereabouts. So, the Dh90.5 million ‘sold’ tag does raise the bar high.
All set for the Dh100m breakthrough?
The developer has limited the number of properties/plots available on the island, and with more releases coming up, market sources say a push into the Dh100 million plus deal club should happen soon enough.
The Dh90.5m transaction
Oybek Shamsiddinov, Sales Manager at MPP, was the agent involved in the latest transaction. The buyer from India has had other property investments in Dubai.
“They were looking for a property to use themselves, and after convincing them to see the villa on January 31, they bought it the next day,” said Shamsiddinov. “They really liked the community project, villa layout and the finishing. The same villa on Palm Jumeirah would be worth a minimum Dh250 million.”
Super-charged start to 2023
Sweeping aside forecasts that demand for Dubai's luxury homes will drop, the market has had a strong run in the year-to-date, with multiple deals happening at Jumeira Bay island, including one for a Dh410 million penthouse. That did set a new record for a penthouse in Dubai - but sources say that it could soon be challenged as more overseas investors seek an address in the UAE. There was another on Jumeira Bay for the highest per square foot (psf) transaction to date in Dubai.
Much like what is being planned by the investor from India who bought the property in Tilal Al Ghaf.
Waterfront properties are extremely popular with investors right now and there are very limited units available further contributing to its growing popularity among end-users and investors
New destinations, projects emerge
If Dubai Hills was the new location on the radar in 2021 for high networth investors, Jumeira Bay’s options had them fixated right last year – and which is continuing into this one as well. All through, the Palm has had its reputation enhanced through a steady stream of big-ticket deals.
"Ahead of the summer, the market can expect some more high-value sales - with new locations and projects providing stiff competition for buyer attention," said an estate agent. "Available stock at existing super-prime destinations is running out."