A villa on Dubai’s Palm Jumeirah has been sold for a price in excess of AED100 million ($27 million).
The family residence, which was marketed by LuxuryProperty.com, was snapped up by European buyers who wish to remain anonymous.
The seven-bed villa, with nine bathrooms, is situated on plot measuring almost 20,800 square feet and includes a hammam and steam room, plus private pool and extensive garden with incredible views of the Arabian Gulf.
Dubai’s real estate sector has been suffering as a result of a property glut and faltering demand, which has seen prices fall by more than a third since the market peaked some seven years ago.
However, Andrew Cummings, co-founder and managing director of LuxuryProperty.com revealed continued strong interest in the super-prime marketplace.
He said: “I am truly excited about what the future holds for this incredible city. To say that the market is hot is an understatement – the overriding sentiment in the super prime sector is one of positivity. “Discerning buyers from around the world are seeing Dubai for what it is – quite simply, the most excellent place to work and to live.”
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