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At The Majid Al Futtaim Project, An Indian Buyer Completes The Largest Transaction To Date.
Dubai’s new super-luxury residential neighborhoods are getting close to selling homes for Dh100 million or more. Early in February, an Indian family purchased an eight-bedroom villa on “Lanai Island“. As part of the `Tilal Al Ghaf` master complex for Dh90.5 million.
According to a representative of Metropolitan Premium Properties (MPP), that closed the deal. The luxurious mansion with a lagoon close by would be delivered in Q1-2027. Nikita Kuznetsov, CEO of MPP, stated that the property was purchased directly from the developer Majid Al Futtaim Properties. In addition, that it will have a plot measuring 26,000 square feet.
One of two private islands in Tilal Al Ghaf, Lanai Island has 13 houses, nine of which are “shore” mansions and four of which are “edge” mansions, all of which are situated along a 1.2-kilometer crystal lagoon. Late last year, Majid Al Futtaim announced the two “island” projects within Tilal Al Ghaf. Which are close to the intersection of Hessa Street and Sheikh Zayed Bin Hamdan Al Nahyan Street.
Tilal Al Ghaf home and plot sales have been averaging all around Dh20 million level. With a few going as high as Dh44 million and nearby, according to market data from DXBinteract.com. Therefore, the Dh90.5 million “sold” tag does set a high standard.
Ready For The $100 Million Breakthrough?
The developer has restricted the number of homes and land parcels that are accessible on the island. Market sources claim that a push into the Dh100 million-plus deal club should occur soon enough with scheduled additional releases.
The Dh90.5 Million Deal
The agent in the most recent deal was Oybek Shamsiddinov, Sales Manager at MPP. The Indian buyer has made other real estate purchases in Dubai. Moreover, they were seeking for a home to live in, and after being persuaded to visit the villa on January 31. They bought it the following day, according to Shamsiddinov. They praised the community initiative, the design of the VILLA, and the finishing. At the very least, a similar home on Palm Jumeirah would be worth Dh250 million.
Accelerated Beginning To 2023
Despite predictions that the demand for luxury properties in Dubai will decline. The market has had a robust year so far, with several purchases taking place at Jumeira Bay island, including one for a Dh410 million penthouse. They broke the previous record for a penthouse in Dubai. But according to sources, that record may soon be surpassed as more foreign investors look for addresses in the UAE. The highest per square foot (PSF) transaction in Dubai has occurred on Jumeira Bay. Similar to the plans being made by the Indian investor who purchased the property at Tilal Al Ghaf.
Emerging Locations and Initiatives
Jumeira Bay’s alternatives had high net worth investors focused on last year. That fixation is continuing into this one as well. Suppose Dubai Hills was the new place on the radar for high-net-worth investors in 2021. The Palm has continuously improved its image by engaging in high-value transactions.
An estate agent said “ahead of the summer, the market should expect some additional high-value sales,” adding that “new sites and projects are generating intense competition for buyer attention.” The supply at the current super-prime destinations is running low.
