A purpose-built, 33,300-square-foot megamansion that sold for AED280 million ($76.2 million) last week now holds the record for Dubai’s most expensive mansion.
According to Property Monitor, the Dubai-based real estate platform, the megamansion’s selling price was about 33% above the previous record of AED185 million set in 2015. The company confirmed last week’s sale was the most expensive apartment ever in the city was sold.
“To see a transaction of this magnitude demonstrates the continued strength of the Dubai real estate market, particularly in the ultra-high-end segment,” Zhann Jochinke, COO of Property Monitor, said in a statement. “The transaction not only surpasses Dubai’s previous record, but also bridges the gap between Dubai’s luxury market and those of leading global cities such as London, New York and Hong Kong.”
More: Dubai’s iconic Palm Jumeirah offers lavish and ultra-modern living
The residence is located on the north side of the man-made island of Palm Jumeirah and has almost 70 m of private beach on the Arabian Gulf. According to listing agent Conor McKay of Belleview Real Estate, it also has a variety of other amenities.
“It happens to be the only villa on the Palm Jumeirah that offers an indoor pool,” he said in an email. “The property features 10 bedroom suites, a huge roof terrace, wine cave, cinema, gym and seven-star spa facilities.”
Mansion Global could not identify the buyer.
The villa — which features double-height ceilings and walls of windows framing views of the water and city — is also one of the few residences on Palm Jumeirah larger than 33,000 square feet that requires two adjacent signature villa lots, he said he added.
Imported and handpicked marble is found throughout the residence, supplied by Giorgetti and Minotti, Italian furniture stores.
“The marble is also the finest grade A, book-matched slabs,” said Mr. McKay.
This can be seen in the bathroom of the primary bedroom suite which also has multiple seating areas, a large dressing room and a Jacuzzi as the photo listing shows. Marble also abounds in the spa area, which includes a hair salon, sauna, and steam and massage rooms.
Other amenities include an aquarium and a rooftop hot tub.
Dubai has seen a resilient market since the start of the Covid-19 pandemic, and more homes priced above $10 million were sold in the first quarter of 2022 than any year since 2015, Mr McKay said.
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Some of the market’s strength is due to the government’s response to the virus, the agent added.
“While we experienced a very severe lockdown, within six weeks Dubai had one of the most extensive testing infrastructures in the world, allowing life to return to normal almost immediately,” he said. “Within 12 months, 89.7% of the population was vaccinated. This response led to an influx of wealthy individuals from overseas. Combine that with an already undervalued real estate market and the result is the explosive growth we’ve seen over the past year.”
This article originally appeared on Mansion Global.