Dubai’s luxury real estate market continues to reach new heights, as Majid Al Futtaim Properties recently set a new standard for luxury by selling a villa mansion on Lanai Island for a record-breaking AED 200 million. This deal represents the highest ever in the Tilal Al Ghaf project, a luxury residential community that has become a favorite destination for buyers seeking the finest levels of luxury in lifestyle.
The Lanai Islands Villas are designed by the award-winning South African architecture firm, SAOTA, and the interiors are designed in a high-class style by the award-winning international interior design expert, Kelly Hoppen. With only 13 huge and ultra-luxury mansion villas available, each with its own private sandy beach, this project has attracted the interest of many ultra-high-net-worth buyers who represent an exclusive cosmopolitan community.
Dubai’s luxury real estate market has remained remarkably resilient despite the global economic slowdown, with investors continuing to show strong interest in luxury properties in the city. This is due, in part, to an influx of foreign investors who are attracted to Dubai’s reputation as a safe haven. The emirate has been classified as one of the best cities in the world for investing in luxury real estate, according to the latest classification by Knight Frank for the largest cities in the world.
The villa sold on Lanai Island is situated on a large, landscaped corner plot that extends to its own waterfront. With a total area of over 30,000 square feet, this record-breaking villa includes eight bedrooms and many unique features such as a floating lounge overlooking the water, a rooftop terrace with stunning panoramic views of the lagoon, and an inner courtyard extending from basement to roof, providing a strong visual aesthetic with lush green vegetation at the heart of the home.
The high demand for luxury real estate in Dubai is reflected in the data from the Dubai Land Department, which shows that a total of 88,029 sales transactions were executed in Dubai in 2022, with a value of AED 239.64 billion. This is nearly double the value of sales executed in the whole of 2021, which amounted to AED 151.07 billion.
Despite the high demand for luxury properties, the supply of high-quality and luxury homes in Dubai remains below the levels of demand. The Lanai Islands Villas will contribute significantly to closing the supply gap in the market and setting a new benchmark in the industry.
In conclusion, the recent sale of a villa mansion on Lanai Island for AED 200 million by Majid Al Futtaim Properties sets a new standard for luxury in Dubai’s real estate market. With demand for luxury properties in Dubai continuing to grow, and the supply of high-quality and luxury homes remaining below the levels of demand, the Lanai Islands Villas are poised to make a significant contribution to the market and to the city’s reputation as a global destination for luxury living.