Billionaires' Row On Palm Jumeirah - Dubai's Most Exclusive Street For The Rich And Famous
Excelsior Real Estate
Specialising in the sale of off plan, developer direct and luxury homes
Alpago Group, who earlier in the year sold one of their signature villas, Casa Del Sole, for a record-breaking AED302m, have created six distinctive villas on Billionaire's Row. Their?most recent, Riva Del Lusso, sold last week for AED130m ($35.3m).??This is a clear indication of the prestige of this particular street and?Dubai's booming?real estate market, which is?growing in particular in the premium sector.?
Murat Ayyildiz, the chairman of Alpago Group, recently told the National,
“With the continued investment and influx of rich individuals, there will be more demand for high-end luxury property and Billionaire’s Row is guaranteed to become one of the most sought-after neighbourhoods in the world.”?
He added, “Right now, the demand for luxury real estate is at an all-time high. Post-pandemic Dubai has seen a huge influx of several new ultra-wealthy individuals, which has boosted the demand for luxury properties. Billionaires' Row feeds the needs of these individuals, and it is a little haven of perfection in the heart of this bustling metropolis.”
According to a report?by real estate firm Knight Frank, prime residential prices in Dubai, which include The Palm Jumeirah, Emirates Hills, and Jumeirah Bay, have increased by 89% over the previous year.?
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CBRE statistics also indicate that the price of a home on the Palm Jumeirah was the most expensive in Dubai in October at AED3,704 per square foot. In each of the previous six months, prices increased, sometimes by as much as 5% on a monthly basis.?
A new rental record was also set for Palm Jumeirah, with a villa being?leased for AED4m?for a period of six months.?As rents and purchase prices rise as a result of the wider economic recovery in the UAE, the most expensive rental agreement in Jumeirah Islands was also recorded at AED1.2m.
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