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The deal sets record for the most expensive villa sale ever recorded in Tilal Al Ghaf
August 14, 2024 | Staff Reporter | UAE | Brokerage
Dubai’s influx of HNWIs and UHNWIs continues to drive the ultra-luxury real estate market, with H1 2024 already recording 196 sales exceeding $10 million, as Dubai continues to lead the world as the most active city for property sales transactions above this price range.
This strong demand saw Allsopp & Allsopp’s Private Office set a new all-time-high sales record for the most expensive villa sale ever recorded in Tilal Al Ghaf.
The seven-bedroom off-plan Lanai Island mansion sold for a record price of AED105 million by Fintan Flannelly, Allsopp & Allsopp’s Head of Developer Sales, and Kane Wild, Associate Director at Allsopp & Allsopp.
This record-breaking sale also achieved the highest price per square foot recorded in Tilal Al Ghaf (AED 3,416 per square foot), surpassing the average price for similar properties by an impressive 15%, highlighting the premium results Allsopp & Allsopp’s Private Office team continues to deliver for HNWI real estate owners in the current market.
Tilal Al Ghaf, a relative newcomer to Dubai's luxury landscape, has rapidly established itself as a premier residential address, and this sale will help propel the community to new heights.
As Majid Al Futtaim’s first residential development in Dubai, the community is already achieving prices on par with long-established luxury communities such as Emirates Hills, Palm Jumeirah, and Mohammed Bin Rashid City.
This Lanai Islands sale saw a price per square foot comparable to luxury properties within Emirates Hills (AED 3,223/sq ft) and Mohammed Bin Rashid City (AED 3,027/sq ft) vs. comparable-sized off-plan projects in locations such as South Bay and Damac Lagoons, (average prices of AED 1,455 and AED 952 per square foot respectively).
Lewis Allsopp, Chairman of Allsopp & Allsopp, said, “Tilal Al Ghaf is one of the most impressive and popular new luxury developments in Dubai, and we are delighted to have achieved this record-breaking sale. This achievement from our Private Office team highlights our ability to consistently deliver exceptional results for our clients. As Dubai’s luxury market continues to grow in demand, I look forward to more impressive transactions from the Private Office on incredible properties.”
The success of this sale adds to the Private Office’s growing list of record sales. The luxury division currently also holds the record for the highest-sold property ever recorded in Al Barari at AED 4,485 per square foot, and the highest record sale in Jumeirah Islands earlier this year for AED 32.5 million.
Lanai Island is a resort-style lagoon living island which hosts a limited number of highly exclusive ultra-luxury estates in Tilal Al Ghaf. The estates are designed by award-winning South African architect, Saota, in collaboration with interior designer, Kelly Hoppen, with the vision of creating spaces that seamlessly unite the indoors with outdoor nature.
