Stunning LA-Inspired Mansion on The Palm sells for USD 17mn
LUXHABITAT Sotheby’s International Realty is proud to announce it has closed a deal for an LA-inspired beach mansion on the Palm Jumeirah at AED 63 million (USD 17mn). Spanning 8,600 sq ft with its coveted location on N Frond, the five-bedroom Garden home’s smart home technology, excellent condition and bespoke finishes made it a rare option in the market. “Homes of this calibre are extremely hard to find in the Dubai market now due to a limited supply of product offerings like these as well as an influx of luxury property buyers who are seeking exactly this type of quality home. The home was presented in absolute mint condition – which went well noticed by the buyers and made them fall in love with it almost immediately,” said Kunal Singh Gupta, Associate Director of LUXHABITAT Sotheby’s International Realty who represented both buyer and seller in the transaction.
The European buyer purchased this Californian style beach house as an end-user who has recently moved to Dubai with his family. LUXHABITAT Sotheby’s International Realty has reported buyers of a similar profile in the recent past – many HNW / UHNW international buyers are being drawn to Dubai as home.
The Palm Jumeirah has made a big comeback after 2020 in terms of prime residential sales. Over AED 4.6 billion in sales have been recorded this year so far in the area, based on data from the Dubai Land Department, out of which 57 villas have been sold for a sales volume of AED 1.59 billion.
“The most in-demand luxury homes now are those designed in a modern or Mediterranean style, with a larger plot and built-up area as well as mega-mansions with views over beach or golf course or park (depending on the location). Super prime villas, apartments and penthouses are most in demand, as people living here like to enjoy the sun and outdoors as much as possible. Areas such as Palm Jumeirah, Jumeira Bay Island, Emirates Hills, and Dubai Hills are catering to the wealthiest 1% of the world, which is a great sign for Dubai & the UAE moving forward.” Says Kunal.
According to analysis by LUXHABITAT Sotheby’s using data from the Dubai Land Department, the top 10 most expensive properties sold in Q1 2022 were from the Palm Jumeirah, Emirates Hills, Jumeira Bay and Downtown Dubai areas. Besides location, Kunal also lists quality of build, use of home automation technology, in-house amenities, privacy, availability of dining & entertainment options, and proximity to schools on the checklist of Dubai’s luxury property buyers. “Most of the high-value buyers also focus on the uniqueness of the property and all added benefits of living within that sought after community with many things to match the lifestyle they are typically used to overseas & otherwise.” he adds.