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Most expensive villa on the Palm-SOLD!

Most expensive villa on the Palm-SOLD!

Luxhabitat closed a deal on one of the most expensive villas on the Palm in the first half of 2015.

Words by Aneesha Rai in Company News · Jul 16th, 2015

Luxhabitat in collaboration with AA Properties have closed one of the most expensive villa transactions in Dubai this year on the Palm Jumeirah. An off-plan luxury three-storey M. State villa has been sold on the Palm Jumeirah to a high-profile buyer for AED64.8 million shell and core. According to the Land Department, the second most expensive transaction during the first half of the year is only AED40 million. Luxhabitat worked with both the buyer and developer in this transaction, thus consolidating its leading position in the Palm Jumeirah market.

The villa developed by AA Real Estate Development and marketed by AA Properties will have a stunning panoramic view of the sea, Dubai Marina and the Palm’s crescent once completed later this year. The project M. State by Ocean Breeze is a boutique collection of five landmark villas on the Palm Jumeirah’s M frond. Some of the villa’s biggest selling points include floating steps, neutral colour schemes and a lovely contemporary design that fits the landscape. A result of the collaboration between architects L W Design and interior designer Finasi, this collection of contemporary villas are set to be a vision. Situated on a wide beachfront of 51 m, the villa has a unique oversized infinity pool measuring over 17m long, making it one of the longest private pools on the Palm.

The details of the purchase had been held off until this date due to client confidentiality being held as an utmost priority by Luxhabitat. Joey Elaty, Luxhabitat’s Palm Jumeirah Specialist shares his insights on how he helped crack the deal. With his professionalism and expertise of the Palm Jumeirah market, he describes how well real estate agencies in Dubai can work together to satisfy buyer’s requirements. He said,

All in all I'd say this is an example of how if you offer your hand out in trust, transparency, and good intention with outside agents you can close successful deals. We need each other. In other developed markets its common for different agencies to close deals together. Here in Dubai it can be like that as well with the right agents involved, and the right intentions.

Joey proactively worked with the client and held extensive viewings all over Dubai, including dozens of best villas in Emirates Hills, Penthouses in the Marina and villas on the Palm. Numerous properties were looked at in terms of quality fit, finish and views. The client finally zeroed in on M. State, choosing a modern open-floor plan villa with amazing views of the Marina skyline. Joey was introduced to M State by AA Properties and knew that the development would be of serious interest to the purchaser.

But brokering the deal took a sizeable amount of time and patience. This transaction is just an example of the stellar service Luxhabitat provides to its clients. Joey adds, "The buyer had been looking for many months previous to coming to Luxhabitat through another brokerage. It took about two months to find something through us and then another 4 months to finalize the particulars of the deal, the legalities of transaction and customize the options for the buyer in the most bespoke manner to cater to their demanding tastes of the buyer. The deal has been a challenging one as the market has been showing signs of softening, but for the very best on the market, something unique like M.State you don't really have anything to compare it to on the Palm and wealthy individuals value this and will pay good money for the very best.”

The Palm Jumeirah remains a big area of interest for both investors and end-users. In Luxhabitat’s half yearly analysis supported by transaction data from REIDIN, almost 21% of the villas above AED 5 million sold in the first half of the year were from the Palm Jumeirah. The area has reported 43 villas sold for a total of AED 723 million.

To view a selection of villas on the Palm Jumeirah, please click here.