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07 Feb, Tuesday
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Dubai property market sets new record, villa sold for Dh280m

Another day in Dubai, another record broken.

A new 10-bedroom custom-built villa on the Palm Jumeirah has been sold for a record Dh280 million.

The stylish contemporary white villa features an enormous 33,000sq ft, state-of-the-art living space, seven-star spa hotel facilities (including a gym and a hair salon), and imported and handpicked book-matched Italian marble. The property is furnished by uber-lux Italian furniture houses Giorgetti and Minotti and boasts more than 70 metres of private beachfront. Talk ’bout posh.

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Dubai’s luxury property market witnessed tremendous growth in 2021 with prices increasing an estimated 21 per cent within the first 10 months of the year and over Dh135 billion worth of transactions occurring between January and November 2021.

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Palm Jumeirah has been leading the luxury property transactions, with one triplex penthouse selling for Dh180 million in 2021.

The highest-ever residential villa sale in Dubai was overseen by luxury real estate agency Belleview Real Estate’s property broker Conor McKay.

Real estate platform propertymonitor.com verified that the sale of this Palm Jumeirah villa sets a new record for the highest value residential villa sale in Dubai.

“To see a transaction of this magnitude illustrates the ongoing strength of Dubai’s property market, particularly in the ultra-high-end segment. The transaction not only beats Dubai’s previous record but closes the gap between Dubai’s luxury market and those of leading global cities such as London, New York, and Hong Kong,” said Zhann Jochinke, COO of Property Monitor.

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