Dubai is one of the world’s most active markets for luxury homes – and its Palm Jumeirah area is the most desirable location for $10 million-plus properties.
After topping global rankings in the section last year, with the city outstripping stalwarts such as New York and London, there is no sign of waning interests, industry experts say. Last month, property consultancy Knight Frank reported prices of prime homes in Dubai rose by 16 per cent thanks to growing demand.
But what exactly do you get for your money and how do you go about selling a luxury property? The National goes behind the scenes at the Dh56 million ($15.2 million) Villa Opus on Palm Jumeirah.
Designer furnishing
With competition fierce for prime spots, developers are looking for better deals by buying older properties in desirable neighbourhoods with the sole intention of tearing them down and starting from scratch.
With most buyers keen to have everything finished, this redevelopment aims to tick every luxury box from an infinity pool to crystal glasses to clink at your housewarming party.
“Everything inside this property has been ripped out, the plot has been extended with new electrics, new fittings, new everything,” says Matthew Solomon, Palm Jumeirah sales manager at haus & haus, who is overseeing the sale.
“Almost nothing from the original villa is left and the result is something special.”
Formerly developed by Nakheel, the extensive overhaul on Frond B has been the work of Bond Property Group and RG Holding, which have joined forces to redevelop luxury properties in the UAE.
The new owners of the 682-square-metre plot can stretch out on a private beach, take a dip in an infinity pool with a swim-up bar and unwind with a movie under the stars thanks to the home’s outdoor cinema screen.
Inside, each of the five bedrooms has an en-suite bathroom, while lavish soft furnishings from Louis Vuitton add a touch of glamour to the neutral decor.
The luxury touches continue with Bugatti cutlery, Baccarat crystal glasses and natural travertine and arebescato stone throughout. A showroom-style car garage, with built-in joinery and fridge, makes for the perfect man cave.
“As well as a huge barbecue and pool area, you’ve got two kitchens with top-of-the-range appliances, a bar, Q Led TVs and a Sonos audio system throughout the entire place,” says Solomon. “It’s the ideal property for entertaining.”
Unstoppable demand
Solomon has experienced a wealth of interest since the property went on the market last month. And there’s never been a better time to target multimillionaires, according to property consultancy Knight Frank, which found that Dubai's luxury home market reached record levels in 2023, with sales of $10 million-plus homes nearly doubling, to $7.6 billion.
The consultancy found that Palm Jumeirah was the most popular for prime sales in Dubai last year, accounting for 38.5 per cent of all homes that sold for more than $10 million and 39.2 per cent for properties valued at more than $25 million.
In January, Will McKintosh, regional partner and head of residential, Mena at Knight Frank, said the Palm Jumeirah had “well and truly cemented its status as one of the most desirable addresses globally”.
And over the years, many properties on the man-made island have hit headlines for their record sales prices. In October 2022, a villa on Palm Jumeirah sold for Dh302 million ($82.2 million), a record at the time. The double Signature Villa, named Casa Del Sole, was developed by Alpago Properties and sold through its broker, B1 Properties.
It sits on what is known as The Palm's Billionaires' Row on Frond G and features eight bedrooms, underground parking for 15 cars, a home cinema, a bowling alley, a gym, a hammam, a sauna, an infinity pool, a Jacuzzi and a game room.
The sale came a couple of months after the largest penthouse at Atlantis The Royal Residences sold for Dh163 million ($44.4 million).
The five-bedroom triplex penthouse is spread across more than 2,300 square metres and features a sky garden, two private pools and terraces, a private lift and floor-to-ceiling windows with 360-degree views of the city and the Arabian Gulf.
For Solomon, every day is packed full of endless enquiries and property viewings, with popularity on the Palm only continuing to surge. “With regards to why the Palm is so popular, there's nowhere else like it in the world,” says Solomon.
“Everything is on your doorstep. You’ve got beaches, restaurants and shopping malls with everything in close proximity, which is probably why it outstrips demand in places like London and New York.”
In Solomon’s opinion, however, location is only part of the draw for the Frond B villa. “You’re buying a piece of luxury on the Palm Jumeirah, but that luxury is not just the location,” he says.
“It's in every other detail, from where you park your car to the Bugatti spoon you use to stir your tea.”
