Dubai Real Estate: Six Senses Villa in Palm Jumeirah Sold for $35M Amid Branded Property Boom
Sunday, 15 December 2024
The transaction sets a record as the highest sale in the Six Senses project and ranks among the top ten most expensive branded residences sold in 2024.
The sale highlights the ongoing growth of Dubai’s prime and super-prime branded residences market and the resilience of its off-plan sector.
Branded Real Estate in Dubai
- Global Demand: High-net-worth buyers are increasingly drawn to super-prime branded residences in major cities such as Miami, New York, London, and Dubai.
- Dubai’s Leadership: Dubai leads globally with the highest number of branded residences, setting new standards in the luxury real estate market.
- Luxury Features: The villa features hand-selected Italian marble, sustainable teakwood finishes, and premium branded fittings.
- Exclusive Amenities: Fully serviced and managed by Six Senses, the villa provides access to world-class amenities and services, with completion expected by October 2025.
Surge in Branded Residences Market
- Rapid Growth: AED 28.8B ($7.8B) worth of branded residences were sold in the first half of 2024, accounting for 12.6% of Dubai’s total transaction value.
- Increased Volume: Transaction volume for branded residences grew by 44% year-on-year, driven by the appeal of prestigious brand names.
- New Projects: From June 2022 to June 2024, branded projects increased by 43%, with 17 new launches and 7,262 units introduced in the first half of 2024.
Expert Insights
- George Azar, CEO of Dubai Sotheby’s International Realty: “Branded residences deliver superior design quality and world-class service, becoming a key driver in the global real estate market. Dubai continues to excel as a hub for luxury living.”
- Lana Gorbach, Associate Director at Dubai Sotheby’s International Realty: “The Six Senses Palm Jumeirah villa offers the perfect combination of a prestigious brand and a prime beachfront location, making it an unmatched investment in Dubai’s super-prime market.”
Sotheby’s Record-breaking Sales
- Set a record for the most expensive villa sold on Jumeirah Bay Island for AED 175M ($47.6M).
- Closed the highest villa sale in Abu Dhabi to date at AED 130M ($35.4M).
