As sales of luxury properties in the city soar, a house built on Dubai’s Palm Jumeirah island has broken the record for most expensive residence ever sold in the Persian Gulf emirate.
According to its developer Alpago Properties, the mansion, known as Casa Del Sole, brought in 302.5 million dirhams ($82.4 million) when it was sold in July. Due to privacy concerns, the company declined to identify the buyer. According to a title document Bloomberg saw that was only partially redacted, the mansion was purchased without a mortgage.
The home is situated on Billionaires’ Row on Frond G of the artificial island Palm Jumeirah, which is fashioned like a palm tree. According to those acquainted with the situation, Mukesh Ambani’s company previously held the record after spending $80 million on a 10-bedroom villa on the island for his youngest son.
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Alpago Properties is the source
Due to the government’s response to the pandemic and its lenient visa regulations, Dubai’s property values have increased over the past year. A number of recent government initiatives, including long-term “golden visas,” have boosted the high end of the real estate market in particular. The founder and chairman of Alpago Group, Murat Ayyildiz, stated in an interview that all six of the villas that his company had built had almost all been sold.
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Eight bedrooms and 18 bathrooms are planned for Casa Del Sole, which is still under construction in part but is expected to be finished in early 2023. A gym, movie theater, bowling alley, jacuzzi, and an underground parking space for 15 cars are among the attractions. It is one of the six homes that Alpago has built on the Palm Jumeirah. According to the company, the least expensive of those went for 128 million dirhams.