Dh250 million: Dubai’s costliest property ever advertised for sale

Palm Jumeirah mansion has private cinema, gymnasium, four majlis, indoor and outdoor swimming pools... besides a lot more

A 45,000-square feet mansion, built on four plots (60,000 square feet) at the tip of one of the fronds on the Palm Jumeirah, is up for sale.

The mansion, the Dubai-based agency appointed to sell the villa, says it is “the costliest property ever advertised for sale in Dubai” with the asking price being Dh250 million, or  Dh5,555 per square feet. And it is non-negotiable.

The mansion, currently owned by a high-profile businessman, has 10 en-suite bedrooms, a 20-seat private cinema room of 1000 square feet, a gymnasium, four majlis rooms, two study rooms, 2 family rooms, steam, sauna and spa rooms, indoor and outdoor swimming pools, production kitchen, separate family and private dining rooms, storage rooms and garage for six cars.

Myles Bush, owner of Power House Properties, told Emirates 24|7: “We are the ‘chosen’ selling agent and this is, of course, the costliest properties sold in Dubai. We are making sure that we show the mansion only to high profile clients.”

Such custom-made mansions are very few and mostly built by high net worth individuals. These are built at the tip of the fronds and rarely do come up for sale in the market.

Emirates 24|7 reported earlier prices of Signature and Garden Home  villas on the Palm Jumeirah have gone up, registering average increases of 11 to 25 per cent in first half of 2012 compared to same period last year.

Depending on their location and view, a few Signature villas are now listed at prices 50 per cent more than last year.

Data provided by Edwards and Towers, which specialises in sales of Palm properties, reveals that on average, Signature villa prices rose seven per cent to 50 per cent in H1 2012 compared to same period last year.

A Frond K and Frond E high number were now selling for Dh30 million and Dh28 million, respectively, compared to a Frond P and F high number for Dh18 million, respectively, and a Frond C high number for Dh15 million in H1, 2011.

A Frond A mid number villa was selling at Dh17 million compared to a Frond D mid number at Dh16 million in H1, 2011.

Statistics provided by propertyfinder.ae reveal prices for seven-bed Signature villas on average rose by 10.79 per cent to Dh18.78 million in H1, 2012 compared to Dh16.95 million in H1, 2011.

Average price for six bed jumped 19.63 per cent to Dh21.02 million from Dh17.57 million, while five-bed villa went up by 17.45 per cent to Dh20.66 million from Dh17.59 million.

According to Dubai Land Department records, total transactions in Palm Jumeirah reached 719 and were valued at Dh3.42 billion in the first half of 2012.

In April, Nakheel Chairman Ali Rashid Lootah said that property prices on Palm Jumeirah were higher than the pre-crisis level with properties selling for Dh15,600 to Dh16,150 per square metre.

He added they had managed to sell plots on Frond N at prices 30 per cent higher than last year and 70 per cent of the frond had been sold.