The landmark sale sets the tone for what is projected to be a bullish year in the super-prime real estate market
East of Palm Jumeirah lays Dubai’s most coveted island address: Jumeirah Bay. With less than 130 villa plots, this man-made, seahorse-shaped island is one of the most exclusive in the UAE, attracting a highly discerning resident base. Indeed, this tight-knit enclave is reported to have the highest density of billionaires in Dubai, rightfully earning itself the moniker ‘billionaire’s island’.
In March, Dubai Sotheby’s International Realty broke all records on Jumeirah Bay with the sale of an incredible AED 330 million custom-built villa. Sold by Associate Directors Regan Faulker and Ioana Armeanu, this landmark sale surpasses the previous record – also set by Dubai Sotheby’s International Realty – by nearly AED 100 million.
What’s In A Price? A Rare, One-of-a-Kind Home
With its angular form, luminous glass walls, and soaring 13-metre ceilings, the villa is a masterclass in contemporary beachfront design. Within, its dramatic scale is matched by substance: Taj Mahal Quartzite, Patagonia marble, and walnut veneer, each curated for timeless quality.
The setting is as rare as the residence itself. A testament to the power of an address, this record-breaking home is perched at the tip of the island on one of just three ELV plots.
Stretching 26,895 sq. ft., the home embraces its waterfront landscape with a private stretch of white-sand beach and a sublime private pool set in landscaped gardens. The villa is the only property on the island’s tip with direct, unobstructed views of the Burj Khalifa and Downtown skyline.
Regan Faulkner and Ioana Armeanu, who represented the seller, said the sale reflects a growing demand for bespoke, one-of-a-kind residences on Jumeirah Bay.
“This extraordinary home represents the height of exclusive beachfront living: flawless architecture, uncompromising craftsmanship, and a setting that is simply unmatched. Jumeirah Bay Island remains the most coveted address in Dubai, with just 128 plots on the island,” Regan commented.
Ioana Armeanu added, “The demand for bespoke, one-of-a-kind residences here has never been stronger, and this record-breaking sale on Jumeirah Bay Island is a testament to its enduring appeal. It was a privilege to represent such an incredible property and connect our client with the perfect buyer.”
As the de facto home of Bulgari, Jumeirah Bay Island is a place where everyday living is enriched by world-class amenities, from the Bulgari Marina & Yacht Club to the Bulgari Resort’s Michelin-starred dining and private members’ club. For those who call it home, life on the island is as much about the company it keeps as the lifestyle it affords—a discreet beachfront retreat with an undeniably powerful social scene.
Setting the tone for a stellar super-prime year?
In many ways, Q1 is about setting the tone for the year ahead, and this sale does exactly that. The Financial Times reported on March 7 that Dubai’s property market is “racing toward a record bull run”, with a swelling high-net-worth population pushing the longest price rally since before the 2008 financial crash. Prices too are soaring: in February, properties in Dubai sold for an average of AED 1,750 per square foot, a 75% increase from February 2021.
Driving this 50-month rally is a number of factors, including the robustness of Dubai’s economy, first showcased in its gallant handling of the Covid-19 pandemic. Population growth in Dubai is also no accident: intentionally liberalised visa rules and an income tax-free economic landscape are just a few of the draws pulling in international high-net-worth investors.
While supply is set to increase steadily in the coming years, further population surges are set to keep demand higher. Under Dubai’s Urban Master Plan, Dubai is forecast to be home to 4.6 million residents by 2030, and 5.8 million by 2040.
Reflecting on the milestone sale in the context of the market, George Azar, CEO and Chairman of Dubai Sotheby’s International Realty, commented, “We are the leaders in super-prime real estate, and this record-breaking sale is yet another testament to what we achieve time and time again. AED 330 million is more than just a figure – it’s a statement. It reflects the trust our clients place in us, our ability to deliver, and the strength of Dubai’s thriving super-prime market. The demand for properties of this calibre marks a shift where provenance and exclusivity hold more value than ever. In this segment, we don’t just set records – we shape the market. We are proud to continue setting new benchmarks and connecting our clients with the region’s most extraordinary properties.”
