Over the past decade, the Dubai luxury real estate market has consistently accelerated to new heights, driven by a rare combination of influences. From political uncertainty abroad to the unveiling of landmark new developments, a growing number of wealthy overseas investors have turned to the Dubai market in search of safe, tax-efficient upscale living, fuelling a real estate bull market. In the first quarter of 2024, sales in the luxury property sector climbed to an impressive $1.73 billion, marking a 6% lift from last year’s stellar figures. Burgeoning communities like Dubai Hills Estate and Tilal Al Ghaf contributed to this growth, but Dubai’s most distinguished and sought-after address remains as strong as ever: the inimitable Palm Jumeirah.
Palm Jumeirah claimed the lion’s share of transactions throughout 2024, generating more than $600 million from properties above $10 million in the first quarter alone. Setting the tone this November for a year of landmark transactions on the Palm is the sale of Villa Allegra, an exceptional custom-built villa on Frond G—otherwise known as Billionaire’s Row.
This five-bedroom mansion was listed at a price of AED 230 million ($62 million) and sold by Honey Deylami, Executive Partner at Dubai Sotheby’s International Realty.
Meet ‘Allegra’ – the crown jewel of Frond G.
Designed by Innovate Living, this stunning villa is a sublime structure of glass, marquina marble, and wood, spanning a generous 28,154 square feet. Drawing inspiration from the glamorous mansions of Los Angeles, this cavernous home is a mosaic of clean, contemporary contrasts: warm wooden textures complement exquisite Orobico Grigio marble finishes, and brilliant shades of white set the backdrop for bold, dark contemporary furnishings from Italian design houses including Minotti and Giorgetti.
The living area features soaring double-height ceilings with a towering full-wall bookshelf. A glass wall opens onto the shores of the villa’s private beach, inviting a beautiful sea breeze. One of the room's most elegant and intriguing touches is a sliding marble panel that reveals a hidden private office, complete with a fireplace and rich wood cabinetry (no excuses for distractions here, certainly.)
Villa Allegra has a number of indulgent amenities for a life of elevated wellness. A five-star resort unto itself, the home has a state-of-the-art gym with floor-to-ceiling windows framing views of the sea, in addition to a spa with its own massage room, sauna, steam, hot tub, and rain showers. Outside, the villa beautifully integrates with its beachfront surroundings, boasting a 75-foot infinity pool with a retractable flat screen, a sunken seating area with a fire pit, and a spacious al fresco dining area complete with a summer kitchen and barbecue.
The most captivating feature lies in the villa's 9,000-square-foot basement – an expansive entertainment space that includes a games room with a billiards table, a cinema, and a private menagerie housing turtles and ducks. This well-maintained, temperature-controlled habitat was crafted by Worldwide Zoo Consultants and includes natural vegetation and pools for the animals.
Villa Allegra took approximately two years to complete with carefully sourced materials from around the world, including Italian marble and Spanish tiles. Its name means "lively" or "happy" in Italian, a fitting reflection of the mood its new owners are sure to feel.
Why does Palm Jumeirah still dominate the luxury market by such a large margin?
The allure of Palm Jumeirah begins with the audacity of its concept. A true feat of engineering and design, this man-made island stands as one of the world’s most ambitious and successful developments, reflecting the ambitious spirit of those it attracts. With its 17 fronds, trunk, and crescent, Palm Jumeirah has become a globally recognised symbol of Dubai’s rapid transformation from desert enclave to cosmopolitan capital. It is an address that is highly private yet loud and explicit in its statement as a prestigious, world-famous address.
For residents, the island offers an upscale, waterfront lifestyle in proximity to key business areas in the city – a major draw for discretionary buyers who have the freedom of choice. Most homes on the fronds have horizonic sea views, beachfront pools, and private beaches lapping on the doorstep – a rare feat even among the world’s most exclusive destinations. Relative to other major cities, properties on Palm Jumeirah bring exceptional value for money in terms of size. On the Palm, $1 million can buy approximately 980 square feet of prime residential space, compared to around 355 square feet in London and just 172 square feet in Monaco. Over the past year, listings on Palm Jumeirah have dropped by more than 50%, reflecting a shift toward residents seeking a place to truly call home, rather than a chance to simply flip lucrative real estate.
The real estate market in Palm Jumeirah is buoyed by a strong history of resilience. Even throughout periods of global economic turbulence, the Palm has consistently recorded some of the highest sales in the UAE, including an AED 600 million villa and AED 500 penthouse, sold in 2022 and 2023 respectively. Over the past two years, Honey Deylami has been instrumental in driving the super-prime success of Palm Jumeirah, facilitating the majority of the Palm Jumeirah transactions handled by Dubai Sotheby’s International Realty.
In her 20-year career, Deylami has set a number of benchmarks in the market, achieving more than AED 20 billion in sales. She commented, “The soaring demand for homes on Palm Jumeirah reflects its appeal as both a lifestyle destination and a dependable investment—qualities perfectly embodied by the exceptional Villa Allegra. The market here is driven by highly discerning buyers who know exactly what they want, and I am proud to exceed these expectations with Dubai Sotheby’s International Realty. Developed by Innovate Living, Villa Allegra represents the apex of design and craftsmanship, cementing its status among the most prestigious homes on the Palm for years to come.”
To view homes on Palm Jumeirah, click here.
