The Market

Custom Villa on Palm Jumeirah Sells for AED 145M

Fronds Palm Jumeirah

Palm Jumeirah villa sold by LUXHABITAT Sotheby's International Realty among top ten most expensive properties transacted

Words by Aneesha Rai in The Market · Nov 16th, 2022

LUXHABITAT Sotheby’s International Realty has completed the sale of an AED 145 million custom-built villa on the Palm Jumeirah. Sold by Executive Partner, Honey Deylami, the sale was handled by LUXHABITAT Sotheby’s International Realty end-to-end, with Olga Balashova, Senior Global Property Consultant as the buyer’s agent and Deylami the seller’s agent. 

 The six-bedroom villa was listed among the ten most expensive properties transacted in Q3 2022. Boasting a panoramic skyline view, the villa spans an overall area of 17,000 square feet, with a built-up area of 13,000 square feet, featuring high-end interiors and fixtures from brands such as Minotti, Cassina, Baxter, Knoll, and Miele.

We have witnessed up to 100% capital appreciation on custom-built villas compared to early 2021, depending on build quality, design, fit-out and of course, location.

Speaking on the sale, Honey Deylami, LUXHABITAT Sotheby’s International Realty, commented, “We are seeing increasing demand for bespoke or renovated luxury villas and mansions on beachfront locations such as Palm Jumeirah. The UHNW clientele who are usually buying their second or third home or relocating to Dubai are after turnkey solutions where they save time and effort to build a new home or go through renovation. This category of buyers who are ready to pay over AED 100 million for their new home are expecting the best of the best in every aspect including furniture and fit-out. We have witnessed up to 100% capital appreciation on custom-built villas compared to early 2021, depending on build quality, design, fit-out, and of course, location. This factor has increased the demand and the price for empty land plots as well as that of the original villas on the island where investors take on the design and build to create a turnkey solution to exit with a lucrative appreciation.”

Palm Jumeirah saw the largest sales volume in the prime segment overall at AED 5.10 billion and accounted for the largest sales volume in both the prime apartment and villa categories, registering AED 3.89 billion and AED 1.1 billion respectively. Prices per square foot on the Palm for villas averaged AED 4,924 in Q3 2022 growing 36.85% quarter on quarter, with average prices growing by 7.62% and sales volume reaching AED 1.17 billion. With Palm Jumeirah leading on sales volume by a large margin, other popular residential areas for villas in Q3 2022 were Emirates Living, where villa sales volume reached AED 867 million, and MBR City, where sales volumes were just shy of AED 700 million.