A sale on the exclusive property in Palm Jumeirah was made for Dhs 280 million.
The sale was made by Conor McKay of Belleview Real Estate, a leading luxury property broker and has broken the highest sale record in Dubai which was previously made on a property in 2015 at Dhs 185 million.
The property sold is a ten-bedroom custom-built white villa, with a big living space, seven-star spa hotel facilities, a gym, a hair salon, 70 metres of a private beach front and furnished by Giorgetti and Minotti, Italian furniture houses.
The sale also links Dubai's luxury market with that of other cities like London, New York and Hong Kong, which are known to have some of the highest property sales.
According to Conor McKay, “One major key to the growth in 2021 was the government’s response to the COVID-19 pandemic. While we experienced a very strict lockdown, within six weeks Dubai had one of the most comprehensive testing infrastructures globally, allowing life to return to normal almost immediately. Within 12 months, 89.7% of the population was vaccinated. This response saw an influx of high-net-worth individuals from overseas. Combine that with an already undervalued property market and the result is the explosive growth we witnessed last year.”
