Fancy a Dh200m beachfront home?
12-bedroom Palm Jumeirah villa has its own cinema, nightclub
Want to catch a glimpse of a Dh200 million home? Just head to a villa at the tip of one of Palm Jumeirah’s fronds.
That’s the price tag the owner has put up for the 12-bedroom unit that comes with its own cinema … and a nightclub right in the basement. Throw in other details such as a “gorgeous” outdoor pool and views of the sea and the Burj … and one might just agree with the owner’s asking price of Dh200 million.
That’s exactly what Jason Hayes, CEO of LuxuryProperty. com, wants to find out. This represents the “most expensive property in our portfolio,” he said. “If there is one thing the lockdown has taught us, it is how important our homes and day-to-day living experiences are. In terms of living experiences, what better than life on the beach?”
A multi-tier market
Prices on the Palm have indeed fallen to a level whereby the savvy buyer is saying, “Yes! Now is the time for that beachfront home”. (Images of the property were not made available.) According to market feedback, this particular villa could well be the costliest ‘For Sale’ home in Dubai right now.
A few days ago, another Palm villa with a price tag of Dh120 million was grabbing the spotlight.
The many layers making up Dubai’s property market are moving at different speeds. As has happened in the past, industry sources expect the top-end of the market to stabilise and then pick up investor activity first.
“That’s what happened after the 2009 crisis, and again in the 2013-14 rush,” said a developer.
“There’s always interest to pick up luxury properties in Dubai. All it takes are a few deals to come up, and then sentiments change completely.”
Not many distress sales
Developers and estate agents are in consensus that Dubai’s property market hasn’t seen a rush of property owners putting up their units for distress sales. Property values at all of the leading communities have seen declines in recent weeks, but there are no indications of units with asking prices much lower than the average.
It’s all about the right pricing Ask for the right price … and chances are the property will get sold. The Palm transactions of late reflect that fact.
“Once the preserve of the rich (and famous), villas there are now so well-priced they are proving popular indeed,” said Hayes.