A villa on Dubai’s Palm Jumeirah has sold for an eye-watering $19 million (AED70 million), marking a new high for luxury villa prices in the emirate.
The custom designed off-plan villa, called M State, has been purchased by an unnamed British businessman of Indian origin, according to the real estate agent handling the sale.
Once constructed, M State will be one of five exclusive villas located on the tip of Frond M on the Palm. It has 360-degree views of the sea and a view of Dubai’s skyline to the south.
There are six bedrooms, seven bathrooms (one of which is en suite), a 17-metre-long infinity swimming pool, 51-metre private beach and dedicated cinema room.
The villa comprises 13,058 square ft occupying a 11,862 sq ft plot, and is scheduled for handover by December, as ‘shell and core’ as requested by the buyer.
The architects on the project are LW Design Group on behalf of developer AA Real Estate & Development, and the finishing and interior design is being delivered by UAE-based furniture design practice Finasi.
The property was sold at beneath its market price of $21 million (AED80 million).
Arabian Business reported on the sales launch of the villas in April. At the time, the developer said no expense had been spared “when it comes to offering world-class architecture using the finest materials”.
It said: “From floating steps designed to maximise natural sunlight to neutral colour schemes acting as a blank canvas for interior expression, the result is design that is perfectly at one with the landscape.”
Vinita Kataria at Terra Casa Real Estate acted as the buyer’s agent in the deal.
Zishan Khan, director at Terra Casa, commented: “We are seeing a trend of international investors buying properties for long term investment or a second home. High net worth individuals from around the world are considering Dubai as a safe bet in terms of real estate and more and more people are choosing to become property owners.
“What’s more, fly-by-night investors, who in previous years were looking to double speculative investments in a short space of time, are now very rare.”
Khan said he did not agree with current analyses that Dubai’s real estate market is cooling.
“The current sentiment out there is that the market is sliding down,” he said. “I would say the term ‘market’ is not the best way to describe Dubai’s real estate, which is divided into clusters that each perform differently at different times.
“Every time we see prices within a certain community heating up, the market corrects itself, restores pricing reasonability and gradually starts moving up again. These are all signs of a mature market.”