Homes in Dubai’s newest, ultra-luxury districts are almost ready to sell for Dh100 million or more. An Indian family paid Dh90.5 million for an eight-bedroom villa on “Lanai Island,” which is a part of the Tilal Al Ghaf master development, at the beginning of February. villa
A spokesman of Metropolitan Premium Properties (MPP), the company that negotiated the deal, stated that the opulent mansion with a nearby lagoon would be ready for occupancy in Q1-2027. Nikita Kuznetsov, CEO of MPP, stated that the property was purchased directly from the developer, Majid Al Futtaim Properties, and that it will have a plot measuring 26,000 square feet.
One of two private islands in Tilal Al Ghaf, Lanai Island has 13 houses, nine of which are “shore” mansions and four of which are “edge” mansions, all of which are situated along a 1.2-kilometer crystal lagoon.
“The similar villa on the Palm Jumeirah would be at least Dh250 million in value.” Oybek is the Metropolitan Premium Properties’ sales manager.
Late last year, Majid Al Futtaim announced the two “island” projects within Tilal Al Ghaf, which are close to the intersection of Hessa Street and Sheikh Zayed Bin Hamdan Al Nahyan Street.
Tilal Al Ghaf home and plot sales have been averaging around the Dh20 million level, with a few going as high as Dh44 million and nearby, according to market data from DXBinteract.com.
Emerging locations and initiatives
High net worth investors were fixated by Jumeira Bay’s alternatives last year, and they are still fixated on them this year. If Dubai Hills become the new location on the minds of wealthy investors in 2021. The Palm has continuously improved its image by engaging in high-value transactions.
“Ahead of the summer, the market can expect some more high-value sales – with new locations and projects providing stiff competition for buyer attention,” said an estate agent. “Available stock at existing super-prime destinations is running out.”