An $82 million mansion that's still under construction broke Dubai's real-estate record, and its design includes 18 bathrooms and a garage for 15 cars
- An $82 million Palm Jumeirah villa is now the most expensive home ever sold in Dubai, Bloomberg reported.
- The villa is still under construction, but it's supposed to have 18 bathrooms and a 15-car garage.
A Palm Jumeirah villa that sold in July for AED302.5 million, or $82.35 million, is now the most expensive house ever sold in Dubai, Bloomberg reported, citing developer Alpago Properties.
Known as Casa Del Sole, the villa is located on Frond G of the Palm Jumeirah, Dubai's man-made island that's shaped like a palm tree, per Bloomberg. The Palm Jumeirah is home to multimillion-dollar mansions as well as some of Dubai's top luxury resorts, including St. Regis and Waldorf Astoria.
Casa Del Sole is still being constructed, but its design includes eight bedrooms, 18 bathrooms, and a 15-car basement garage, per Bloomberg. The villa is expected to be ready early next year, together with amenities such as a bowling alley and a home theater.
The developer declined to reveal the buyer's identity to Bloomberg. Alpago Properties did not immediately respond to Insider's request for comment.
Dubai's luxury real-estate scene is booming this year, following a strong 2021. Several real-estate agents previously told Insider that demand for luxury properties in the city is surging, especially for off-plan projects that are months or even years away from being completed.
However, the housing supply in prime locations is tight. In the exclusive neighborhoods of Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, only eight new homes are expected to be completed between 2023 and 2025, per Knight Frank.
Dubai is also likely to see a new ultra-prime home sales record this year, Faisal Durrani, the head of Middle East Research at Knight Frank, wrote in a report on August 17. The city saw 82 ultra-prime home sales in the first half of 2022. In contrast, there were 93 ultra-prime home transactions for the whole of 2021, a record at the time. Ultra-prime homes are those priced over $10 million.
"The positive market sentiment, driven by the government's world-leading response to the pandemic, coupled with the successful hosting of the World Expo, the reopening of travel corridors, and Dubai's global safe-haven status continues to underpin the market's rebound," Durrani wrote in a market report in May.
Dubai's previous real-estate record was set in early April by the sale of a $76.2 million villa, also in Palm Jumeirah.