Dubai Witnesses Record-Breaking Sale: Villa in Tilal Al Ghaf Sells for $28.6 Million
Wednesday, 7 August 2024
Dubai’s real estate market is witnessing an unprecedented boom, driven by the influx of ultra-high-net-worth individuals (UHNWIs) and high-net-worth individuals (HNWIs). The city continues to lead globally in high-value real estate transactions, with remarkable figures from the first half of 2024:
- 196 Property Sales Over $10 Million: Dubai’s dominance in the ultra-luxury sector is underscored by these impressive sales.
Record-Breaking Sale in Tilal Al Ghaf
A standout moment in Dubai’s thriving real estate market was the record-setting sale of a property in Tilal Al Ghaf:
- Lanai Island Home: This seven-bedroom, off-plan property was auctioned for an astonishing $28.6 million (AED 105 million).
- New Record Set: The sale achieved the highest price per square foot in Tilal Al Ghaf at $930 (AED 3,416), marking a 15% increase over the average for similar properties.
This sale further cements the success of Allsopp & Allsopp’s Private Office, which holds records for:
- Highest Sale in Jumeirah Islands: Earlier this year, a property was sold for $8.85 million (AED 32.5 million).
- Highest-Sold Property in Al Barari: Achieved a price of $1,221 (AED 4,485) per square foot.
Lewis Allsopp, Chairman of Allsopp & Allsopp, expressed excitement over the record-breaking sale, highlighting Tilal Al Ghaf’s status as a premier luxury destination and hinting at more exceptional transactions to come.
Tilal Al Ghaf: A Premier Luxury Destination
Tilal Al Ghaf is emerging as one of Dubai’s most desirable residential communities, thanks to its luxury amenities and strategic location. Key highlights include:
- Comparison with Elite Communities: The pricing of Tilal Al Ghaf is comparable to prestigious areas such as Mohammed Bin Rashid City, Palm Jumeirah, and Emirates Hills.
- Lanai Island Sale Price: Comparable to Emirates Hills (AED 3,223) and Mohammed Bin Rashid City (AED 3,027), and significantly higher than off-plan projects in South Bay and DAMAC Lagoons (AED 1,455 and AED 952 per square foot, respectively).
Luxurious Estates and Modern Living
Tilal Al Ghaf offers an array of upscale living options:
- Lanai Island Estates: Designed by the award-winning South African architect Saota and interior designer Kelly Hoppen, these estates blend indoor and outdoor spaces for a tranquil living environment.
- Variety of Living Options: The development features townhouses, apartments, and villas, with a focus on eco-friendly materials and smart home technologies.
- Future Developments: The upcoming Ghaf Woods sub-community promises exclusive living amidst lush greenery and upscale amenities.
Pricing and Market Trends
- Villa Prices: Larger villas in Tilal Al Ghaf can exceed AED 10 million.
- Apartment Prices: A three-bedroom apartment starts at AED 3 million.
- Average Transaction Price: The average transaction price for properties in Tilal Al Ghaf this year is AED 8,772,065, placing it among the most prestigious neighborhoods in Dubai.
As demand for premium real estate continues to rise, Tilal Al Ghaf stands out as a symbol of luxury and sophistication in Dubai’s dynamic real estate market.
