New record for Dubai after sale of $82.2mn Palm Jumeirah mansion

A mansion located on Dubai’s Palm Jumeirah island has become the most expensive property to be sold in the Persian Gulf emirate, setting a new record as the city’s luxury property surge continues, reported Bloomberg on Sunday.

The villa, named Casa Del Sole, was purchased for 302.5 million dirhams ($82.4 million) when it was sold in July, according to its developer Alpago Properties. The firm has declined to name the buyer, citing privacy concerns. Bloomberg also reported that it was bought without a mortgage.

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The mansion is built on Palm Jumeirah, and stands on a stretch of land known as Billionaires’ Row.

Indian tycoon Mukesh Ambani’s firm had previously set the record after buying an $80 million, 10-bedroom villa for his youngest son on the island, cited people familiar with the matter, according to Bloomberg, which reported the development in August.

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Casa Del Sole, still under construction, is set to be completed in early 2023. The builder has cited how it has incorporated its natural surroundings into the overall design, with individual rooms of the structure constructed with an open-air design, as stated on the builder's website. It will comprise eight bedrooms,18 bathrooms with amenities including a gym, cinema, bowling alley, jacuzzi and a basement car parking that can hold 15 vehicles.

It is one of six villas developed by Alpago on the Palm Jumeirah, the cheapest of which sold for 128 million dirhams, added the Bloomberg report.

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Favourable conditions for luxury home buyers in large part have contributed to the continued uptick in property prices over the last year such as the introduction of new policies by the government. Dubai's handling of the pandemic, relaxed visa restrictions, in particular the long-term 'golden visa' have proven beneficial for the luxury real-estate market.

“We developed six villas and have nearly sold all of them,” Murat Ayyildiz, founder and chairman at Alpago Group was quoted as saying in an interview with Bloomberg.

This sentiment was echoed by Prathyusha Gurrapu, head of research and advisory at Core, who cited that sales of homes valued at 100 million dirhams and above have surged this year with 12 transactions compared to 5 in 2021, as told to Bloomberg.

Dubai's prime residential properties have seen a price-surge of nearly 60% in 12 months