Will Dubai’s next Dh200 million deal happen this summer itself? Or even land a mega-sized one, with a price tag of Dh350 million?
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Dubai property market insiders say there will not be any slowdown in the big stakes super-luxury home deals over the next few weeks. Ever since Covid, the Dubai property market operates in an always-on mode, with the first two weeks of Ramadan and the final fortnight of December being the only relative downtimes.
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“Most of the readily available inventory of Dh100 million homes are sold – and by year end, most of the rest too will have been bought,” said a developer. “This is why developers are finally coming up with offplan launches in this category.”
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Alpago Properties must have been thinking along these lines, confirming it’s building a handful of villas and where the prices will be in the Dh120 million to Dh300 million. Clearly, developers in Dubai are raising the bar from Dh100 million plus, which was the coveted mark in the luxury home space.
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And it was one deal – for Dh280 million – that reset the earlier benchmark. That one deal, for a mansion on the Palm, was enough.
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“It was the shot of adrenaline that developers/sellers wanted – from thinking about Dh100 million home sales, they were going directly to dreaming of $100 million,” said an estate agent. “The way Dubai luxury space is shaping up, it won’t be confined to dreams for too long.”
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