Luxhabitat, in collaboration with Terra Casa Real Estate, has closed one of the most expensive villa deals in Dubai this year on the Palm Jumeirah. An off-plan luxury three-storey M. State villa has been sold to a high-profile buyer for AED64.8 mln (approx. €15.9 mln).
According to REIDIN, the second most expensive transaction during the first half of the year is only AED40 mln (approx. €9.8 mln). Luxhabitat represented both the buyer and developer in this transaction, thus consolidating its leading position in the Palm Jumeirah market.
The villa, developed by AA Real Estate Development, will have a panoramic view of the sea, Dubai Marina, and the Palm's crescent once completed later this year. The project M. State by Ocean Breeze is a boutique collection of five landmark villas on the Palm Jumeirah's M frond. Some of the villa's biggest selling points include floating steps, neutral colour schemes and a contemporary design that fits the landscape. The villa is a result of the collaboration between architects L W Design and interior designer Finasi. Situated on a wide private beachfront of 51m, the villa has a unique oversized infinity pool measuring over 17m long, making it one of the longest private pools on the Palm.
The Palm Jumeirah remains a big area of interest for both investors and end-users. In Luxhabitat's half yearly analysis supported by transaction data from REIDIN, almost 21% of the villas above AED5 mln (approx. €1.2 mln) sold in the first half of the year were from the Palm Jumeirah. The area has reported 43 villas sold for a total of AED723 mln (approx. €177 mln).