Dubai: Want to catch a glimpse of a Dh200 ($54.4 million) million home? Just head to a villa at the tip of one of Palm Jumeirah’s fronds.
That’s the price tag the owner has put up for the 12-bedroom unit that comes with its own cinema… and a nightclub right in the basement. Throw in other details such as a “gorgeous” outdoor pool and views of the sea and the Burj… and one might just agree with the owner’s asking price of Dh200 million.
That’s exactly what Jason Hayes, CEO of LuxuryProperty.com, wants to find out. This represents the “most expensive property in our portfolio,” he said.
“If there is one thing the lockdown has taught us, it is how important our homes and day-to-day living experiences are. In terms of living experiences, what better than life on the beach? Prices on the Palm have indeed fallen to a level whereby the savvy buyer is saying, “Yes! Now is the time for that beachfront home”. (Images of the property were not made available.)
According to market feedback, this particular villa could well be the costliest ‘For Sale’ home in Dubai right now. A few days ago, another Palm villa with a price tag of Dh120 million was grabbing the spotlight.
A many tiered market
The many layers making up Dubai’s property market are moving at different speeds. As has happened in the past, industry sources expect the top-end of the market to stabilize and then pick up investor activity first.
“That’s what happened after the 2009 crisis, and again in the 2013-14 rush,” said a developer. “There’s always interest to pick up luxury properties in Dubai. All it takes are a few deals to come up, and then sentiments change completely.”
Not many distress sales… so far
Developers and estate agents are in consensus that Dubai’s property market hasn’t seen a rush of property owners putting up their units for distress sales. Property values at all of the leading communities have seen declines in recent weeks, but there are no indications of units with asking prices much lower than the average.
It’s all about the right pricing
Ask for the right price… and chances are the property will get sold. The Palm transactions of late reflect that fact.
“Once the preserve of the rich (and famous), villas there are now so well-priced they are proving popular indeed,” said Hayes. “In recent weeks, we have seen unprecedented levels of interest with inventory of Garden Homes on the market now at an all-time low.
“One can presume there will be some price stabilization due to those low inventory levels. The larger - and somewhat more expensive - Signature Villas continue to be sought after and indeed [getting] transacted.
“Prices in recent months have softened. We have in recent weeks brought to market three high-value Signature Villas, and if the number of enquiries and viewings completed is an indicator, we can expect to see some high-level transactions on the Palm in the third- and fourth quarters.”
Super-luxury homes at Dubai Hills and District 1 too are getting their share of attention from buyer prospects. Sources say negotiations with developers/sellers could take longer given the current market circumstances, and there could also be some price alterations. “But the deals should still go through – at the top end of Dubai’s property market, the COVID-19 created disruption has, so far, been minimal,” said an estate agent.
Check out the Dh120m villa
The owner of The ONE100 would agree. He has listed the Palm unit, split across three floors and 14,000 square feet for Dh120 million.
As with the Dh200 million offering, this too is a “tip villa” on the frond. (Space inside is definitely not an issue… the master-bedroom itself extends to 1,300 square feet. Luxhabitat is acting as the estate agent.)
The owner has thrown in quite the sweeteners to get the deal flowing – any future owner can keep a Harley Ultra Glide, a Ferrari 599 GTO and a Rolls-Royce Wraith.
The future owner could also look at any possible deal as picking up prized vehicles… and a home along with it. It’s all about perspective.
Or the buyer can take on Hayes’ perspective - “Life is short – [let’s just] buy the beach house.