Dubai's “Billionaires' Row”, which sits on Frond G of The Palm Jumeirah, is now said to be “the most exclusive street for Dubai’s rich and famous”.
This is according to Murat Ayyildiz, the chairman of Alpago Group, which has developed six signature villas there, with the latest one, Riva Del Lusso, having sold this week for Dh130 million ($35.3 million).
Earlier this year, another of Alpago's signature villas, Casa Del Sole, sold for a Dubai property market record of Dh302 million amid a booming market — especially in the prime sector.
“Dubai is the luxury playground of the wealthiest people in the world,” Mr Ayyildiz told The National.
“With the continued investment and influx of rich individuals, there will be more demand for high-end luxury property and Billionaire’s Row is guaranteed to become one of the most sought-after neighbourhoods in the world.”
Prime residential values in Dubai, which encompass The Palm Jumeirah, Emirates Hills and Jumeirah Bay, have risen by 89 per cent in the past 12 months, according to a report by property consultancy Knight Frank.
Palm Jumeirah villa prices are the most expensive in Dubai at Dh3,704 per square foot in October, data from CBRE show. Prices have risen in each of the past six month, sometimes by as much as 5 per cent on a month-by-month basis.
Alpago has completed construction of three of the six villas and has sold four of them.
There is another villa scheduled to be finished by the end of the year, another one before end of the first quarter of 2023 and the last one by the end of next year, Mr Ayyildiz said.
He is confident that all of them will be sold.
“Right now, the demand for luxury real estate is at an all-time high,” he said. “Post-pandemic Dubai has seen a huge influx of several new ultra-wealthy individuals, which has boosted the demand for luxury properties.
“Billionaires' Row feeds the needs of these individuals, and it is a little haven of perfection in the heart of this bustling metropolis.”
The company is also developing a penthouse building at West Beach on The Palm Jumeirah, called Palm Flower, which will have only 10 properties spread across 11 floors.
Alpago will have “plenty more developments in the coming months and years”, Mr Ayyildiz said.
He expects more market records to be set amid the government's encouragement for growth and investment.
“While we are very proud to have sold one of Dubai’s most expensive villas, we knew that because of the market structure, it would not be for long until we hear of another big sale,” he said.
The Riva Del Lusso villa is spread across 10,000 square feet and has five bedrooms, seven bathrooms, private beach access, a private swimming pool and views of the Atlantis and Royal Atlantis.
It is one of only a handful of villas on The Palm with custom-made basement parking, which can house six cars comfortably, Alpago Properties said.
Palm Jumeirah has also registered a recent rental record after a villa was leased on a six-month basis for Dh4 million.
And the most expensive rental deal in Jumeirah Islands was also recorded at Dh1.2 million as rents and prices rise on the back of the wider economic recovery in the UAE.