Majid Al Futtaim’s Tilal Al Ghaf project in Dubai has brought the total value of sales in the project to Dh200 million.
The Dubai real estate market has witnessed yet another record-breaking deal, with the sale of a mansion at the Tilal Al Ghaf villa community for Dh200 million. This deal, which is the highest recorded at the Majid Al Futtaim Properties’ project, confirms the continued strong demand for luxury homes and land priced at Dh100 million and above in Dubai.
The Tilal Al Ghaf villa community is a unique project developed by Majid Al Futtaim Properties, featuring a limited collection of 13 homes set within a 150,000 square metre lagoon. The mansion sold is situated on the manmade ‘Lanai Islands’ and boasts over 30,000 square feet of gross floor area (GSA), with eight bedrooms, a floating lounge deck, a sunken rooftop terrace with 360-degree views across the lagoon, and a triple-height courtyard that brings light and greenery into the very heart of the home.
The deal was closed by Orange City Properties, adding to their growing portfolio of high-end properties in Dubai. This announcement comes just days after the biggest residential plot sale ever in the UAE, on Jumeira Bay, was transacted for Dh125 million.
The Tilal Al Ghaf project has been highly sought after by investors and homeowners alike, with its unique features and prime location in Dubai. The community offers a range of amenities, including a central park, a community center, and a clubhouse, making it an attractive option for those seeking luxury living in the city.
The sale of this mansion at Tilal Al Ghaf further cements Dubai’s position as a hub for high-end real estate, with investors and buyers willing to pay top prices for premium properties. The city has witnessed a surge in demand for luxury homes and land, with several record-breaking deals being transacted in recent years.
Despite the global economic uncertainties caused by the COVID-19 pandemic, Dubai’s real estate sector has remained resilient, with several mega-projects being developed and launched in the city. The government has implemented various measures to support the sector, including the extension of the golden visa scheme to attract more foreign investors.
Overall, the sale of the Dh200 million mansion at Tilal Al Ghaf is a testament to the continued growth and strength of Dubai’s luxury real estate market. As the city continues to develop and expand, the demand for premium properties is expected to remain strong, attracting investors and buyers from around the world.
The Tilal Al Ghaf project is part of Majid Al Futtaim’s $3.8 billion master plan for a mixed-use community that spans over 3 million square meters. The development includes a range of properties, from villas to townhouses and apartments, as well as a hotel, retail spaces, and a recreational lagoon.
According to reports, the Dh200 million mansion is just one of several luxury properties sold at Tilal Al Ghaf, with interest in the development continuing to grow. Despite the economic impact of the Covid-19 pandemic, the demand for luxury homes in Dubai has remained strong, driven by the emirate’s reputation as a global business and leisure hub, its tax-free environment, and its modern lifestyle amenities.
In fact, according to recent data from Luxhabitat, a Dubai-based real estate consultancy, the number of properties sold in Dubai for Dh10 million or more in the first quarter of 2023 has increased by 170% compared to the same period last year.
Furthermore, the sale of the Dh200 million mansion is just one example of the trend of high-end property transactions that has been seen in Dubai over the past year. In 2022, a villa on Palm Jumeirah sold for Dh111.25 million, while a penthouse in Dubai Marina was sold for Dh73 million, setting a record for the most expensive penthouse sold in the emirate.
