In Dubai’s property market, the Dh100 million, Dh200 million and the near Dh300 million (Dh280 million to be precise) have been breached. How much higher will single-property deals go in the current market cycle?
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At Jumeira Bay, one seller has set a target - Dh350 million for a 25,000 square feet super-luxury spread. The mansion was built in 2018, and the seller is now busy on a value-add mission in aiming for the Dh350 million jackpot.
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The makeover project at the mansion should be ready before the year is out. "We have advised the seller to invest a top dollar in the mansion to create a true masterpiece,” said Firas Al Msaddi of fam Properties and fam Interiors, which is doing the makeover.
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Dubai has seen its share of trophy assets this year, not least the Dh280 million sale on the Palm, reportedly to the family of Mukesh Ambani, one of the world’s richest.
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“Trophy assets have become one of the hedging options against inflation and the global financial turbulence,” said Al Msaddi. “Billionaires from EU represent the majority of where the interest is coming from for such deals in Dubai.”
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So, how can a 25,000 square feet mansion be bettered? The entirety of the inside of the property is going through the rejig.
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As has to be expected, the layout includes a full home spa with sauna, jacuzzi, and treatment rooms. And there can be no such home without a private cinema along with indoor and outdoor entertainment spaces.
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Then there is the sense of super-exclusivity, by being part of Jumeira Bay. There will only be ‘just over 100 homes’ on the island, which figures prominently in the list of priciest homes and plot sales in the year-to-date.
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The mansion occupies one of the three largest plots on the seahorse-shaped Jumeira Bay's tip and the 'only one facing the interior lagoon'.
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If the Dh350 million deal gets done by end-December, it would be the fitting finale to a year that has served Dubai’s property market well. A year when Dubai super-luxury real estate space truly became the centre of a rarefied world.
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