The most expensive house ever sold in the city is a villa in Palm Jumeirah.
The villa is located on a man-made island that is shaped like a palm tree. Some of the top luxury resorts in the world are located at the Palm Jumeirah.
Casa Del Sole has eight bedrooms, 18 bathrooms, and a 15-car basement garage. The villa is expected to be finished early next year with a bowling alley and a home theater.
The developer wouldn't reveal the buyer's name. Alpago Properties did not reply immediately.
The luxury real-estate scene in the city is booming. Several real-estate agents told Insider that demand for luxury properties in the city is increasing, especially for off-plan projects that are months or even years away from being completed.
There is a shortage of housing in prime locations. According to Knight Frank, only eight new homes are expected to be built in the exclusive neighborhoods of Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island over the next ten years.
According to a report written by the head of Middle East Research at Knight Frank, a new ultra-prime home sales record is likely to be set in the city. There were over 80 ultra-prime home sales in the first half of the year. There were 93 ultra-prime home transactions for the entire of 2021. Ultra-prime homes are expensive.
The previous real-estate record was set by the sale of a villa in Palm Jumeirah.