Majid Al Futtaim Properties has sold a luxury mansion at Lanai Islands in the Tilal Al Ghaf project for Dh200 million ($54.4 million), as demand for premium property surges in Dubai.
It was the highest recorded sale at the company’s flagship project in Dubai, it said on Thursday.
Lanai Islands comprises 13 ultra-luxury villas on a private island in a 150,000 square metre recreational lagoon within the Tilal Al Ghaf project.
South African architects Saota designed the homes, with interiors by Kelly Hoppen.
The latest sale “underscores the strong demand for premium properties in Dubai, where the real estate market is currently at a 12-year record high”, Majid Al Futtaim Properties said.
The emirate, the commercial and tourism hub of the Middle East, recorded the sale of 219 homes priced above $10 million in 2023, with the total value of the transactions reaching $3.8 billion, Knight Frank said in March
Dubai ranks behind New York (244 sales), Los Angeles (225 sales) and London (223 sales).
It is also the fifth most active city for sales of homes priced above $25 million, with the same three cities plus Hong Kong ranking higher, according to Knight Frank.
Dubai’s luxury home sales hit Dh6 billion in the first quarter of 2023, with wealthy buyers snapping up 88 units valued at more than $10 million as prime property sales continued to pick up amid a wider economic recovery.
The emirate’s prime residential markets of Palm Jumeirah, Emirates Hills and Jumeirah Bay Island accounted for 64 per cent of luxury home sales during the three-month period, with average transaction prices in these high-demand locations reaching Dh8,800 per square foot, Knight Frank said.
The transaction surpassed the previous record for a land plot sale of Dh91 million.
“Despite the global economic slowdown, Dubai’s luxury real estate market has remained resilient, with investors continuing to show strong interest in the city’s upscale properties,” Majid Al Futtaim said.