Dubai’s ‘Billionaire Island’ sets new real estate record with $65m villa sale

Dubai Sotheby's International Realty-Jumeirah Bay Island Villa

A six-bedroom villa on Dubai’s exclusive Jumeirah Bay Island has sold for Dhs240.5m($65.47m), marking the highest price ever recorded for a property, on the island.

This sale sets a new benchmark for Jumeirah Bay Island while highlighting Dubai’s rapidly growing luxury real estate market, as it comes just weeks after another villa on the island sold for Dh175m.

Sotheby’s International Realty orchestrated this record-setting deal, noting that the sale significantly surpasses previous records on the island, often referred to as “Billionaire’s Island” due to its high concentration of ultra-wealthy residents and top-tier real estate.

Details of the Jumeirah Bay Island villa

• Size: 18,800 square feet
• Features: The villa is a blend of luxury and minimalism, featuring a playroom, cinema, gym, office space, underground parking with an elevator, two primary suites, and staff accommodations.
• Interior: The villa boasts custom-made furniture sourced from around the world.
• Location: Strategically positioned on the seahorse-shaped Jumeirah Bay Island, known for its prime real estate and affluent community.

Erick Knaider, managing partner of Saudi Arabia Sotheby’s International Realty, who spearheaded the sale, emphasised the unique appeal and exclusive nature of the property. “This was a discreet transaction, with no marketing efforts necessary due to its extraordinary allure,” he remarked.

He added, “The island’s unique seahorse-shaped shoreline, coupled with its exclusive amenities, make it an irresistible location for ultra-high-net-worth individuals. Our team’s ability to connect discerning buyers with such exclusive properties continues to set us apart in the global real estate market.”

Dubai’s real estate boom

This sale underscores Dubai’s robust luxury real estate market, which has seen unprecedented growth since the pandemic.

In the first quarter of 2024 alone, Dubai led the world in super-prime property transactions, with over 105 homes valued at $10m or more sold in just three months.

Read: Cash buyers dominating Dubai’s luxury property market in 2024 as city logs $1.7bn in Q1 sales

George Azar, chairman and CEO of Dubai and Saudi Arabia Sotheby’s International Realty, praised the synergy between Dubai and Saudi Arabia Sotheby’s International Realty, which was instrumental in closing this high-value transaction.

He highlighted the global network’s role in connecting high-net-worth individuals with exclusive properties worldwide.

Azar noted, “Jumeirah Bay Island is not just a place to live; it’s a statement of luxury and exclusivity. Our team’s ability to handle such premier properties reinforces our leading position in the global real estate market.”

Sotheby’s International Realty’s growing footprint

This sale is part of a broader expansion strategy by Sotheby’s International Realty. Since its inception 1.5 years ago, the real estate firm has rapidly captured significant market share in exclusive project developments, particularly in key cities such as Dubai and London.

Read: Trends shaping real estate in the GCC