Another most expensive villa sold for USD 27 million on Palm Jumeirah

The villa was purchased by a European buyer.

A luxury villa costing USD 27 million has been sold in Dubai, making it the second most expensive property sold in the emirate this year.

Spanning over 20,756 square feet, the villa is located on the Palm Jumeirah and includes seven bedrooms, nine bathrooms, a steam room, a private pool and a garden. In addition to that, it offers stunning views of the Arabian Gulf as well as Dubai Marina and Jumeirah Beach Residence (JBR) skylines.

The villa has been purchased by a European buyer who wished to remain anonymous.

In March 2021, One100Palm villa was sold for USD 30.3 million on the Palm Jumeirah, making it the most expensive property sold in Dubai this year, according to Dubai-based brokerage firm LuxuryProperty.com, which represented both the buyer and the seller.

A study by Bayut and Dubizzle has shown growing sales and rising demand for luxury real estate in the most popular Dubai neighbourhoods, especially in the first quarter this year.

The study found prospective buyers and investors preferred Jumeirah Village Circle, Jumeirah Lake Towers, Dubailand and Akoya Oxygen for competitively-priced apartments and villas, while established communities such as Dubai Marina, Downtown Dubai, Arabian Ranches and Palm Jumeirah were popular for luxury properties for sale.

Andrew Cummings, co-founder and managing director of LuxuryProperty.com, is excited to see the sale complete but doesn’t find the price point to be surprising.

'We are seeing ever-increasing levels of transactional activity in the super prime marketplace. This transaction only helps to cement Dubai’s position as an excellent place to work and to live,' he said.