Dubai, 6 December 2022 – The sale of a luxury mansion home for AED 90.1 million at Lanai Islands in Tilal Al Ghaf stands as a new benchmark for Majid Al Futtaim Communities, part of Majid Al Futtaim Properties. The sale, brokered by leading independent real estate consultancy Knight Frank, is the highest value transaction for a single residence at Majid Al Futtaim Communities’ landmark destination in Dubai.
Designed in collaboration with award-winning South African architects SAOTA and with stylish interior finishes by world-renowned interior designer Kelly Hoppen, the record-breaking Lanai Islands Edge mansion is designed to deliver an unparalleled experience. Situated on a large corner plot with extensive landscaped gardens that extend to its private water frontage, the prestigious property offers expansive living with over 30,000 square feet of gross floor area (GSA).
The ultra-luxury eight-bedroom Edge residence has several unique features, including a floating lounge deck directly on the water, a sunken rooftop terrace with unrivalled 360 views across the Lagoon, and a triple-height courtyard that brings light and lush greenery into the very heart of the home. Other standout elements include impressive double-height living and dining areas, a modern fully equipped show kitchen, home theatre, home gym and spa, and swimming pool and hot tub. Additional highlights include a glass-enclosed underground parking gallery for 12 vehicles, a dedicated service area with a separate entrance, two back kitchens, and staff quarters for up to 12 employees. The mansion home also boasts a self-contained garden suite that the new owner can tailor according to their individual lifestyle needs, opting for the space to be configured as an executive office, guest house, private lounge, or fitness hub.
Located on a secluded private island rising from the crystal waters of Lagoon Al Ghaf, a 150,000 square metre recreational lagoon situated at the heart of the premium Tilal Al Ghaf community, the recent launch of an exclusive limited edition of 13 Lanai Island mansions attracted considerable interest, in particular from the ultra-high-net-worth-individuals (UHNWIs) segment, an exclusive global community that increased by nine per cent last year[1]. With the pipeline of ultra-premium homes in the emirate lagging behind the surge in demand, the segment is undoubtedly underserved; Lanai Islands will significantly contribute to closing the market gap.
Dubai’s real estate performance is currently at a 12-year record high, driven by an influx of foreign investors drawn by the emirate’s burgeoning reputation as a safe haven. The most recent data from the Dubai Land Department show that 88,029 total transactions have been made in 2022 to date, representing a total value of AED 239.64 billion in sales, almost double the sales value of AED 151.07 billion achieved in 2021. Going forward, Dubai is predicted to show the most robust global residential property price growth in 2023, with Knight Frank[2] placing the emirate at the top of its recent rankings report of the world’s biggest cities. Considering that prime property prices overall are anticipated to rise by an average of 2 per cent across the 25 global gateway cities covered in the report, down from 5.2 per cent in 2022, the outlook of more than 10 per cent growth for Dubai is overwhelmingly positive.
