This beachfront property in Dubai holds the record as the most expensive residential villa in the city, with 10 bedrooms, a private beach, a hair salon and more.
A custom-built residential villa was sold in April for AED 280 million (US$76.2 million), setting a record as the most expensive property in the "City of Gold".
The property was handled by listing agent Conor McKay of Belleview Real Estate. The sale price of the villa sold by the award-winning luxury real estate broker was about 33 percent higher than the previous record of AED 185 million ($50.3 million) set in 2015.
Zhann Jochinke, CEO of Dubai-based real estate platform Property Monitor, said a transaction of this magnitude demonstrates the ongoing strength of Dubai's real estate market, particularly in the ultra-high-end segment.
"The transaction not only beats the previous record, but closes the gap between Dubai's luxury market and that of the world's leading cities such as London, New York and Hong Kong," Jochinke said.
Standing proudly on the beachfront Palm Jumeirah, the massive mega-villa spans 3,300 square meters and has ten bedrooms. There are indoor and outdoor pools, a seven-star spa, a personal hair salon and 70 meters of private beach. Adding to the luxury and grandeur of this estate, the megavilla also features endless amounts of state-of-the-art living spaces, all finished to the highest possible specification.
McKay told Mansion Global that this is the only mansion on the man-made island that offers an indoor pool. Furthermore, the property has a gym, sauna, cinema, wine cave, aquarium and a huge roof terrace with a hot tub.
The interior of the residence features imported and hand-picked marble, supplied by Italian furniture houses Giorgetti and Minotti. The finest panelling to match the highest class can be seen in the spa and master bedroom bathroom, including several seating areas and a large walk-in wardrobe.
According to McKay, Dubai has experienced strong market growth since the onset of Covid-19. The first quarter of 2022 saw more home sales over $10 million than in any other year since 2015.