Dubai - Majid Al Futtaim Development, part of Majid Al Futtaim Properties, has set a new benchmark for luxury real estate in Dubai, with the recent sale of a Lanai Island luxury mansion for AED 200 million, the highest recorded sale to date at Tilal Al Ghaf. The prestigious gated community, located in the heart of Dubai, has become a highly sought-after destination for those seeking the ultimate in luxury living.

Designed in collaboration with award-winning South African architects SAOTA and with stylish interior finishes by world-renowned interior designer Kelly Hoppen, the, Lanai Islands offers a limited collection of 13 ultra-luxury villas on a secluded private island rising from the crystal waters of a 150,000 square metre recreational lagoon. These villas have become a favourite among the ultra-high-net-worth-individuals (UHNWIs) segment, an exclusive global community that increased by nine per cent last year[1].

The recent sale of a Lanai Island property for AED 200 million was closed by Orange City Properties and underscores the strong demand for premium properties in Dubai, where the real estate market is currently at a 12-year record high. According to data from the Dubai Land Department, a total of 88,029 transactions worth AED 239.64 billion in sales have been made in Dubai in 2022 so far, nearly double the sales value of AED 151.07 billion achieved in 2021.

The surge in demand for luxury properties in Dubai is driven by an influx of foreign investors drawn by the emirate’s burgeoning reputation as a safe haven. Dubai is now ranked as one of the top cities in the world for luxury property investment, with Knight Frank placing the emirate at the top of its recent rankings report of the world’s biggest cities[2]. Despite the global economic slowdown, Dubai’s luxury real estate market has remained resilient, with investors continuing to show strong interest in the city’s upscale properties.

Located on a large corner plot with extensive landscaped gardens that extend to its private water frontage, the record-breaking Lanai Island product offers expansive living with over 30,000 square feet of gross floor area (GSA). The villa features eight bedrooms, 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.

Standing as a testament to the growing demand for luxury properties in Dubai, and with the pipeline of ultra-premium homes in the emirate lagging behind the surge in demand, Lanai Islands will significantly contribute to closing the market gap and sets a new benchmark within the industry.

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[1] Knight Frank. Global Wealth Report 2022.
[2] Knight Frank Intelligence Lab. ‘Dubai Prime residential market set for world’s strongest growth in 2023.’ 29 November 2022.