The Dubai real estate market has witnessed a new record with the sale of a six-bedroom villa on Jumeirah Bay Island for a staggering $65.5 million (AED240.5 million).
Sold by Sotheby’s International Realty, the villa has not only achieved the highest transaction price on the island to date, but also shattered previous records by a significant margin. The previous record-holding sale on the island stood at $47.6 million (AED175 million), which took place earlier this month.
The villa has a built-up area of 18,000 sq. ft. and offers stunning beachfront views. Features include a 20-metre lap pool, a state-of-the-art gym, a spa, cinema, spacious rooftop, as well as dedicated staff quarters.
While the buyer remains unknown, the sale was facilitated through the synergy between Dubai and Saudi Arabia Sotheby’s International Realty.
Known as “billionaire’s island,” Jumeirah Bay Island has emerged as a highly sought-after real estate commodity among the ultra-wealthy, with land prices soaring threefold in recent years.
This sale joins the ranks of other exclusive developments such as the Bulgari Lighthouse, which set the record for the most expensive penthouse sale at $112 million (AED410 million).
According to a recent report by Savills, Dubai is expected to see the strongest growth in prime residential property values in 2024 globally, continuing its momentum as one of the world’s top-performing luxury housing markets.
