Majid Al Futtaim Development, a subsidiary of Majid Al Futtaim Properties, has set a new benchmark for luxury real estate in Dubai with the recent sale of Lanai Island luxury mansion for a record Dhs200 million, the highest sale to date in Tilal Al Ghaf.
This gated community in the heart of Dubai has become a sought-after destination for those seeking the ultimate in luxury living.
Designed in collaboration with South African architects SAOTA and with interiors by designer Kelly Hoppen, Lanai Islands offers 13 ultra-luxurious villas on a secluded private island that rises from a 150,000 square metre recreational lagoon.
The villas have become a favourite among the ultra-high net worth individuals (UHNWIs) group, who grew by 9 per cent last year.
The Dh200 million deal was completed by Orange City Properties and underlines the strong demand for high-end properties in Dubai, where the property market is currently at a 12-year high.
According to the Dubai Land Department, 88,029 transactions worth Dh239.64 billion in sales have taken place in Dubai so far in 2022, almost doubling the Dh151.07 billion value of sales achieved in 2021.
The surge in demand for luxury properties in Dubai is due to the influx of foreign investors attracted by the city's reputation as a safe haven. Dubai is now ranked as one of the best cities in the world for luxury property investment, with Knight Frank placing Dubai at the top of its recent report ranking the world's largest cities.
Despite the global economic slowdown, Dubai's luxury property market remains resilient and investors continue to show strong interest in the city's upmarket properties.
Situated on a large corner plot with extensive landscaped gardens extending to its private waterfront, this record-breaking Lanai offering offers expansive living with over 30,000 square feet of gross floor area (GSA).
The villa has eight bedrooms and several unique features including a floating lounge deck directly over the water, a sunken roof terrace with unparalleled 360-degree views of the lagoon and a three-storey courtyard that brings light and lush greenery into the heart of the residence.
A testament to the growing demand for luxury residences in Dubai, Lanai will go a long way towards closing the market gap and setting a new benchmark in the industry as Dubai's ultra-luxury residential pipeline lags behind the surge in demand.
