A custom, contemporary mansion on Dubai's man-made Palm Jumeirah has sold for AED111.25 million (US$30.2 million) in the most expensive home sale in the Middle Eastern city this year, according to the listing agency, Luxhabitat Sotheby’s International Realty.
Spanning 14,000 square feet over three floors, the newly built high-end home on the palm tree-shaped archipelago is teaming with upscale amenities. The superlative deal closes this week, according to the agency.
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There are three kitchens, three bars, and three home cinemas: an outdoor hydraulic pop-up theater, a rooftop cinema and a state-of-the-art indoor theater with an IMAX screen, a 4K projector, a popcorn and nachos machine and a candy bar for snacks, according to a news release from the listing brokerage.
There are also five bedrooms, including a sprawling 1,300-square-foot primary suite, a fitness center, a spa, a Champagne vault and an infinity pool.
Luxhabitat Sothebys International Realty
Accompanying the lineup of luxury features is a Rolls-Royce, a Ferrari, a custom-made Harley-Davidson motorcycle and an array of curated art installations, all included in the deal.
"The house is like my piece of art, I'm sad to part ways with it,” seller Michael Alibhai told Mansion Global by email. “I'm also glad, too, as this past year has changed my focus, and I want to go back to Sweden for a while and spend more time closer to my family.”
Mr. Alibhai—who runs a company that designs and manufactures clothes for fashion brands including Zara—bought the beachfront lot in 2011 and spent roughly six years on the design, permitting and construction of the house,
according to The Wall Street Journal
.
Mansion Global couldn’t determine how much he paid for the lot.
Luxhabitat Sothebys International Realty
The living area, a vast, double-height space with floor-to-ceiling windows, is his favorite spot in the house. It “has every luxury that I wish for in a house. It opens up to a bright sunny private pool and beach.”
“That’s the essence of this entire property,” Mr. Alibhai said. “Ultimate luxury meeting pure serenity."
The buyers of the mansion are a Swiss family from Monaco, according to the news release. Mansion Global could not independently verify the buyers of the property.
An oversupply of inventory combined with low oil prices and the Covid-19 pandemic have resulted in a tumultuous time for Dubai’s property market,
which saw prices drop 8% in 2020
, according to a January report from JLL.
“The One100 Palm villa is the most expensive residential transaction closed in Dubai this year, showing us that the luxury property market is on an upward trend,” listing agent Leigh Borg said by email. “There is a strong demand for brand new and upgraded homes that match international quality standards.”
