Dubai real estate: Property developer 25 Degrees sets new record with $17mn villa sale
25 Degrees, a prominent Dubai-based property developer, has achieved a significant milestone by selling a villa on Palm Jumeirah for $17 million (AED 62 million). This sale sets a new record for a renovated Garden Home on the island, reflecting the high demand and soaring values in Dubai’s luxury real estate sector.
Luxury Villa Details
The villa, which spans 5,800 square feet, features a private beach and was completed in January 2024. Its sale, executed in partnership with Sotheby’s International Realty, marks a notable achievement in Dubai’s competitive real estate market. This transaction highlights the growing appetite for premium properties in one of the world’s most exclusive locations.
Commentary from 25 Degrees
Co-founder of 25 Degrees, remarked on the sale: “The Dubai residential real estate market continues to go from strength to strength. At 25 Degrees, we are riding the crest of this wave. With markets as hot as super-prime property in Dubai, there’s always a host of developers jostling for position, but what this latest sale highlights is that the quality of construction and craftsmanship sets you apart from the pack.”
Future Aspirations
25 Degrees is renowned for its focus on developing European-style luxury villas tailored for ultra-high-net-worth individuals (UHNWIs). The company is on track to achieve its ambitious goal of selling 100 homes in the region by 2030. Currently, it is developing larger Signature villas on Palm Jumeirah, further enhancing its portfolio of high-end properties.
Dubai’s Growing Appeal
Dubai’s appeal to UHNWIs continues to rise, with the city offering an exceptional lifestyle that includes high-end shopping, a leading art market, and a thriving restaurant and bar scene. The emirate’s luxury property market reflects this trend, with significant growth in sales. In 2023, there were 431 sales of properties above $10 million, and Palm Jumeirah alone recorded 21 deals exceeding $10 million, totaling $365 million.
This influx of wealthy individuals is driven by Dubai’s favorable business environment and its status as a vibrant, cosmopolitan city. The luxury property market’s expansion is a testament to Dubai’s growing reputation as a premier destination for global investors and affluent residents.
Reference: Arabian Business
