Dubai: Expat buys most expensive luxury property for Dh91 million in Tilal Al Ghaf

Tilal Al Ghaf has emerged as the new dream destination for foreign investors as two more prime properties were sold at record prices to European buyers, Khaleej Times has learnt.

The upcoming mixed-used community in Dubai, which is being developed by Majid Al Futtaim, attracted a British family and an European investor for investment in prime properties at Lanai Island.

The first prime property bought by a British family, who are residents of Dubai and currently live on the iconic Palm Jumeirah. The British buyer spent Dh90.1 million in December 2022 to own the second most expensive mansion on Lanai Island.

“This remarkable Dh90.1 million mansion ($24 million) has an impressive plot size of 25,870sqft and a built-up area of 30,742sqft,” according to the Knight Frank.

The real estate consultancy also sold the most expensive property in Tilal Al Ghaf last month as an European buyer purchased a dream house for Dh91 million on January 26, 2023. It is the most expensive property sold in the community on record now.

On Friday, Metropolitan Premium Properties disclosed that it closed the biggest single-unit transaction in its history by selling a Dh90 million villa in this up-and-coming popular destination of Dubai. An Indian family, who was looking for a property for their personal use, bought the eight bedroom-villa comprising more than 30,200 square feet.

Ata Shobeiry, chief executive of Zoom Property, said Dubai real estate continues to attract HNWIs, as it's evident from top three deals signed for over Dh90 million at Tilal Al Ghaf development.

"It cements Dubai's position as a bankable destination for living an upscale lifestyle, despite the rising interest rate in the emirate in line with the international markets," he said.

Why invest in Lanai Island

Designed by SAOTA with interiors by Kelly Hoppen and developed by Majid Al Futtaim, both the properties are over 30,000sqft of built-up area with customisable interiors.

"Both the buyers opted to customise the interiors to create a huge super master with his and hers closets and a spacious second master, along with six other bedrooms,” according to the Knight Frank.

A separate guest house has also been customised into an executive office to allow the first owners to work from home. Both the properties also boast spacious underground parking for 13 cars with their own car washing station.

In addition, a complete home spa with steam, sauna, beauty salon and treatment room are also part of the properties while the family will also be able to enjoy home cinema and home gym facility. Moreover, two swimming pools and interior waterfall cascading from the main pool to the basement are also part of the two mansions.

Two major deals in 6 weeks

Andrew Cummings, partner and head of Prime Residential at Knight Frank Middle East, said both the properties sold recently offer stunning views over the crystal lagoon.

“Following the sale of the first villa in December my client told me to get them good neighbours, so the following day I spent the afternoon on the beach at Atlantis and called the type of people that I thought would indeed be good neighbours,” he said.

“The response was incredible, and I am delighted to have sold the neighbouring villa just six weeks later and for the record highest price in the community. I have no doubt that these will be the best mansions in Dubai on completion and will make wonderful family homes as well as a shrewd investment,” he said.

New popular community

Tilal Al Ghaf is slated to have over 350,000sqm of open space in addition to the schools, hospitals, restaurants and other housing facilities. The project will also host a lagoon bordered by 400 metres of an open beachfront called Hive Beach that spans across 70,000 square metres of water.

Cummings said Tilal Al Ghaf is quite simply changing the game when it comes to developing villas in Dubai.