Dubai luxury mansion sold for record $54.4mln

Dubai luxury mansion sold for record $54.4mln

Majid Al Futtaim Development, part of Majid Al Futtaim Properties, has set a new benchmark for luxury real estate in Dubai, with the recent sale of a Lanai Island luxury mansion for Dh200 million, the highest recorded sale to date at Tilal Al Ghaf. The gated community, located in the heart of Dubai, has become a highly sought-after destination for those seeking the ultimate in luxury living.

Designed in collaboration with South African architects SAOTA and with interior finishes by designer Kelly Hoppen, the Lanai Islands offers a limited collection of 13 ultra-luxury villas on a secluded private island rising from a 150,000 square metre recreational lagoon. These villas have become a favourite among the ultra-high-net-worth-individuals (UHNWIs) segment, which has increased by nine per cent last year .

The Dh200 million transaction was closed by Orange City Properties and underscores the strong demand for premium properties in Dubai, where the real estate market is currently at a 12-year record high. According to data from the Dubai Land Department, a total of 88,029 transactions worth Dh239.64 billion in sales have been made in Dubai in 2022 so far, nearly double the sales value of Dh151.07 billion achieved in 2021.

The surge in demand for