A New Record for the Sold Real Estate Value in Dubai
October 04, 2022
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The villa of Casa Del Sole on the island of Palm Jumeirah was sold for $82.4 million in July.
A mansion built on the Palm Jumeirah Island in Dubai has become the most expensive house sold in the Emirate, setting a new price record amid a sharp increase in sales of luxury real estate in the city.
Details. The villa, called Casa Del Sole, was sold in July for 302.5 million dirhams ($82.4 million), according to its developer Alpago Properties. The firm declined to name the buyer, citing privacy concerns. The mansion was bought without using a mortgage, according to a partially redacted ownership document seen by Bloomberg.
The mansion is built on the Frond G of the artificial Palm Jumeirah Island and is located on a plot of land known as "Billionaires Street". Indian tycoon Mukesh Ambani previously set a record by buying a 10-bedroom villa for his youngest son on the island for $80 million, sources familiar with the matter said.
Casa Del Sole, which is still partially under construction, will be completed in early 2023 and will have eight bedrooms and 18 bathrooms. Facilities will include a gym, cinema, bowling alley, Jacuzzi and underground parking for 15 cars. This is one of the six villas built by Alpago on the Palm Jumeirah.
Context. Property prices in Dubai have risen over the past year as the government's anti-pandemic measures and its liberal visa policy have attracted more expats. In particular, the luxury part of the real estate market has benefited from new government policies such as long-term "golden visas". "We have developed six villas and sold almost all of them," Murat Ayildiz, founder and chairman of Alpago Group, said in an interview.
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