Dubai’s most expensive home goes up for sale for $204 million

A Versailles-like mansion is being sold for Dh750 million ($204 million) in Dubai amid higher demand for luxury properties in the UAE.

Called The Marble Palace by property agents, it is the most expensive property being sold in the region and is located in Emirates Hills, according to Luxhabitat Sotheby’s International Realty.

The property has more than 70,000 square feet of land space, with an additional 60,000 square feet of built-up space that includes a coral reef aquarium, two domes and 160 marble columns.

The domes rise over 14 metres from the ground floor, and feature individual glass pieces hand-carved by 17 French artists as well as 20,000 pieces of textured glass.

The villa’s facade is made of hand-worked marble cladding imported from around the world, Luxhabitat Sotheby’s said on Wednesday.

The property also has a pond, a panic room, an indoor pool room and a 24-carat gold Jacuzzi, among other amenities.

“Every aspect of this project reflects an extraordinary commitment of time, energy and dedication by the team involved,” said George Azar, chief executive of Sotheby’s International Realty in the UAE.

“In one instance, 70 skilled artisans devoted more than nine months to meticulously apply 700,000 sheets of gold leaf that embellish the property.”

The palace’s “grandiose design” is the culmination of 12 years of research and analysis of royal palaces and residences, which entailed frequent trips to Europe, Mr Azar said.

Demand for luxury property continues to rise in the UAE and Dubai has been ranked as the world’s fourth-most active market in the luxury residential segmentKnight Frank said in a report earlier this year.

Last year, the emirate recorded the sale of 219 homes priced above $10 million, with the total value of the transactions reaching $3.8 billion.

That ranked Dubai behind New York (244 sales), Los Angeles (225 sales) and London (223 sales).

In the first quarter of 2023, Dubai’s luxury home sales hit Dh6 billion, with wealthy buyers snapping up 88 units valued at more than $10 million, Knight Frank said in another report.

Prime residential markets including The Palm Jumeirah, Emirates Hills and Jumeirah Bay Island accounted for 64 per cent of luxury home sales during the three-month period, with average transaction prices in these high-demand locations reaching Dh8,800 per square foot.

The average price of ultra-luxury homes in Dubai rose by more than 27 per cent in the first quarter of the year compared with the previous quarter, according to a report by Luxhabitat Sotheby’s, based on data from the Dubai Land Department.

The average price of a prime property in the emirate increased to Dh25.2 million, the report said.

The Marble Palace also has a 360-square-metre master bedroom, as well as a large mini-master bedroom. It also has three other bedrooms and the potential to add eight more rooms, Luxhabitat Sotheby said. It has a bathroom to bedroom ratio of four to one.

There is a 200-square-metre gym on the first floor and a 16-car garage in the basement. Additional features include a spacious cellar and a dedicated power substation.

There have been several mega deals in Dubai’s property sector this year.

Earlier this year, a 24,500-square-foot sandy plot in Jumeirah Bay was sold for Dh125 million, making it the most expensive land plot sold in the UAE.

The transaction in April surpassed the previous record for a land plot sale of Dh91 million, according to global property consultancy Knight Frank, which represented the seller and buyer in the deal.

In May, a luxury mansion at Lanai Islands, in the Tilal Al Ghaf project, was sold for Dh200 million.

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Updated: June 15, 2023, 6:36 AM