Dubai’s new super-luxury residential neighbourhoods are getting close to selling homes for AED 100 million or more. Early in February, an Indian family purchased an eight-bedroom villa on “Lanai Island” as part of the Tilal Al Ghaf master-development for AED 90.5M.
According to a representative of Metropolitan Premium Properties (MPP), which finalised the purchase, the luxurious mansion with a lagoon close by would be delivered in Q1-2027. “It was bought direct from developer – Majid Al Futtaim Properties – and will come with a plot size of 26,000 square feet,” said Nikita Kuznetsov, CEO of MPP.
“Lanai Island is one of two private islands at Tilal Al Ghaf, with 13 mansions, of which nine are ‘shore’ mansions and four are ‘edge’, located along a 1.2-kilometre crystal lagoon.” Late last year, Majid Al Futtaim announced the two “island” projects within Tilal Al Ghaf, which are close to the intersection of Hessa Street and Sheikh Zayed Bin Hamdan Al Nahyan Street.
Tilal Al Ghaf mansion and plot sales have been averaging around the AED 20M level, with a few going as high as AED 44M and nearby, according to market data from DXBinteract.com. Therefore, the AED 90.5M “sold” tag does set a high standard. A push into the AED100M plus transaction club should happen soon enough, according to market sources, since the developer has limited the number of properties/plots available on the island and more releases are on the way, according to Arabian Business. The agent in the most recent deal was Oybek Shamsiddinov, Sales Manager at MPP. The Indian buyer has made previous real estate purchases in Dubai.
“They were looking for a property to use themselves, and after convincing them to see the villa on January 31, they bought it the next day,” said Shamsiddinov. “They really liked the community project, villa layout and the finishing. The same villa on Palm Jumeirah would be worth a minimum AED 250M.” Despite predictions that the demand for luxury properties in Dubai will decline, the market has had a robust year so far, with many purchases taking place at Jumeira Bay island, including one for a AED 410M penthouse. That established a new record for a penthouse, but according to insiders, that record may soon be surpassed as more foreign investors look for addresses in the UAE. The highest per square foot (psf) transaction in Dubai to date occurred on Jumeira Bay, similar to the plans being made by the Indian investor who purchased the land at Tilal Al Ghaf.
