The property is a luxury renovated Garden Home on the Palm completed in January 2024, spanning 5,800 square feet.

In 2023, Dubai registered 431 sales above the $10 million mark, 80% higher than second place London. The epicenter of this activity is Palm Jumeirah, where the market registered 21 deals over $10 million, totaling $365 million, according to Knight Frank.

Around 105 deals over $10 million were recorded in just the first quarter of 2024.

The trend is being driven by an influx of high net worth individuals from around the world, attracted to Dubai’s stability and favourable tax climate.

“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,” commented David von Rosen, co-founder of 25 Degrees, on the sale.

“For ultra-high net worth individuals from around the world, Dubai is increasingly becoming the location of choice. The city’s lifestyle options mean that it’s no longer just somewhere to do business — international financiers and entrepreneurs now want to lay down roots here long-term with their families to take advantage of the high-end shopping, world-leading art market, and thriving restaurant and bar scene.”

“And it’s this trend that will continue to supercharge our growth at 25 Degrees, setting us up to hit our ambitious target of selling 100 homes by 2030 in the wider region,” von Rosen added.