Custom-built villa in Palm Jumeriah sells for AED145 million

Dubai: LUXHABITAT Sotheby’s International Realty has completed the sale of a bespoke AED 145 million villa in the Palm Jumeirah. Sold by Executive Partner, Honey Deylami, the sale was managed from start to finish by LUXHABITAT Sotheby’s International Realty, with Olga Balashova, Senior Global Property Consultant as buyer’s agent and Deylami as agent for the seller.

The six-bedroom villa was listed among the ten most expensive properties traded in Q3 2022. Boasting panoramic skyline views, the villa spans a total area of ​​17,000 square feet, with an area built 13,000 square feet, with high-end interiors and fixtures from brands such as Minotti, Cassina, Baxter, Knoll and Miele.

Speaking on the sale, Honey Deylami, LUXHABITAT Sotheby’s International Realty, said: “We are seeing a growing demand for bespoke or refurbished luxury villas and mansions in beachfront locations such as the Palm Jumeirah. UHNW clientele who are usually buying their second or third home or moving to Dubai are looking for turnkey solutions that save them time and effort when building a new home or doing renovations. This class of buyers who are willing to pay over AED 100 million for their new home expect the best of the best in all aspects including furniture and fit-outs. We have seen capital appreciation of up to 100% on custom built villas compared to the start of 2021, depending on the quality of construction, design, layout and of course the location. This factor has increased the demand and price of empty land as well as that of the original villas on the island where investors take care of the design and construction to create a turnkey solution to exit with a capital gain lucrative.

Palm Jumeirah recorded the largest sales volume in the core segment with AED5.10 billion and accounted for the largest sales volume in the prime apartment and villa categories, recording AED3.89 billion respectively of AED and 1.1 billion AED. Prices per square foot on the Palm for villas averaged AED 4,924 in Q3 2022, growing 36.85% quarter-on-quarter, with average prices rising 7.62% and sales volume reaching 1 .17 billion AED.

With Palm Jumeirah leading in sales volume by a wide margin, other popular residential areas for villas in Q3 2022 were Emirates Living, where villa sales volume reached AED867 million and MBR City, where sales volumes were just under AED 700 million.

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About LUXHABITAT Sotheby’s International Realty

Headquartered in Dubai, LUXHABITAT Sotheby’s International Realty focuses on residential and commercial luxury sales and rentals, luxury property management, institutional investments and the development of luxury projects in the UAE and beyond. LUXHABITAT Sotheby’s International Realty represents the marketing and sales partnership between the Sotheby’s International Realty brand throughout the GCC region and LUXHABITAT, a design-focused real estate marketing and technology company. Together we are now the largest and strongest marketing and sales platform for luxury real estate in Dubai, making us the leading luxury real estate broker in the market today. We focus on finding the best quality properties in high end residential areas such as Emirates Hills, Palm Jumeirah, Al Barari, Jumeirah Bay, Jumeirah Golf Estates, Meadows, Lakes and Arabian Ranches as well as the best apartments and penthouses in high-end buildings such as Le Reve, Index Tower, Six Towers, Burj Khalifa, The Address Hotels, among others. For more information, visit its award-winning website at www.luxhabitat.ae

For more information, please contact Aneesha Rai
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