Two decades after becoming the first Gulf city to allow expats to buy freehold properties, Dubai property prices seem to have hit a sweet spot. At a time when real estate markets around the world are reeling from a pandemic-led drop in activity, the number of ultraluxury home deals in Dubai is hitting new highs.

“Due to the aspiring lifestyle changes made by international HNW [high net worth] clientele, fueled by the pandemic, Dubai is becoming the first choice for those looking to relocate business and homes because of the offerings been sought by those within the higher asset classes,” said Taieser Al Saati, Associate Director, Luxhabitat Sotheby’s International Realty.

Consulting firm Mercer reckoned 586 luxury villas were sold in Dubai between January and March 2021. According to Knight Frank, Dubai has 42,356 homes valued at $1 million, second only to London. Sales of luxury villas, sea-view apartments and family houses have jumped after the coronavirus pandemic.

Between January and May 2021, 22 homes worth more than $10 million were sold, the most since 2015 and up from 19 homes in 2020. Most of the transactions in the $10-million bracket were for homes on the Palm Jumeirah, according to Knight Frank. Demand for luxury properties in the residential sector is booming, according to EFG Hermes.

Dubai villa prices remain 30 per cent lower than their 2014 peak. According to PropertyFinder, the most popular areas for villa/townhouses sales were Nad Al Sheba, Dubai Hills Estate, Green Community, Arabian Ranches, Town Square, The Springs and Damac Hills.

Residential property demand in Dubai is expected to remain strong over the next two decades. According to Dubai Plan 2040, up to 550,000 new property units will be needed to accommodate Dubai’s estimated population of 5.8 million by 2040.

Here are the 9 most expensive homes sold in Dubai in 2021:

Jumeira Bay Island

Price-tag: $32.9 million

1. With a price tag of $33 million, this eight-bedroom Jumeira Bay Island mansion was sold to an unnamed European buyer, one of the Forbes Top 500 richest people in the world.

Jumeira Bay is a new island neighbourhood located off the coast of Dubai. It has become one of the city’s most exclusive addresses for international property investors. The mansion was sold for $32.9 million. In August, one of the last remaining waterfront plots on Jumeira Bay Island was sold to an anonymous Russian buyer for Dh61 million ($16.6 million), making it the most expensive plot of its type.

The mansion has five bedrooms, eight bathrooms and comes with a Ferrari 599 GTO, Rolls Royce Wraith and a custom-made Harley Davidson motorcycle. It has a private beach with a dock. It has a home cinema with an IMAX screen, a 4K projector and a sound system. The villa has Bentley & Minotti furniture decor by Louis Vuitton & Hermes and its art gallery is embellished with sculptures by Richard Orlinsky and Eero Arnio and paintings by Fidia Falaschetti & Scrapsculteres USA. It has a 55-feet-infinity pool.

Embracing a classical design, it is designed in a style akin to the Renaissance period. The façades are classically Italian, with influence drawn from the Tuscan region. The villa has a 25-metres swimming pool and direct access to the clubhouse and concierge facilities. The villa hosts private elevators with direct access to the basement garage.

Tree of Life Villa, Dubai Hills

$27 million

4.The custom-built home in Dubai Hills Grove was sold to an anonymous buyer for $27 million. The house is one of the largest mansions in the development.

With a built-up area of 31,296sqft on a 37,000sqft plot, it has seven bedrooms, eight bathrooms, a cellar, swimming pool and a sprawling basement. The basement houses the cellar, a sleek bar, snug movie area and casino-style table. The villa’s design is inspired by the woods of Switzerland and the ‘Tree of Life.’ The tree of life is a type of biomorphic pattern found in many artistic traditions in Islamic architecture.

The house comes with a rooftop terrace and swimming pool, a private beach, a personal chef, a gym with an in-house personal trainer, a chauffeur and a 24-hour concierge service. Palme Couture is an exclusive collection of 14 residential suites.

Duplex Penthouse, One Palm

$23.5 million

6.In September 2021, a 22,000sqft penthouse in Palm Jumeirah sold for a whopping $23.5 million. The duplex residence is one of about 90 units within One Palm. The five-bedroom penthouse comes with a private lift, floor-to-ceiling windows and a bird’s eye view of landmarks like Ain Dubai and Burj Al Arab.

The unnamed buyer had previously purchased the 8,300sqft unit directly below this penthouse but moved quickly to upgrade once they found it out it was available. The smaller unit, which has a private pool, is now on the market for $17 million. Among the development’s amenities is a 12-seat indoor cinema, business lounge with private meeting room, private jetty, gym, sauna, spa, swimming pools, library and hair salon. There is a 100-metre long stretch of private beach for the residents, a private restaurant and beach club facilities. A private rooftop terrace with a modern swimming pool completes the high-end offering.

Triplex Penthouse, Downtown Dubai

$20.4 million

7.The awe-inspiring super triplex penthouse at the Dorchester Collection by Omniyat sold for $20.4 million. Spanning 17,712 square feet and boasting 8m ceilings, a wraparound terrace and a private pool, the pad was bought shell and core. The Dorchester ‘triplex’ is a three-level penthouse. There are only 39 units.

Its unnamed owner will have access to the hotel’s facilities which includes a spa, swimming pools, private gardens and dedicated yacht berths at the nearby marina.

Villa R-66, Emirates Hills

$19.7 million

8.Villa R-66 was sold for Dh72.4 million ($19.7 million), the fourth most expensive sale in the area and the highest since September 2018.

The neighbourhood has high-net-worth individuals from across Germany, Switzerland, France, Russia, Italy, India and AGCC. Interiors of the villa have been done up by French architect Pier Yves Rochon. The house consists of a basement level, indoor swimming pool and a gym.

Quay Wall Villa, Marsa Al Arab

$18.2 million

9.One of the limited collection nine villas at Marsa Al Arab, Dubai’s gigantic hotel and recreational complex, has been sold for Dh67 million ($18.24 million).

Marsa Al Arab is a 408-room luxury hotel located on a reclaimed peninsula to the east of the Burj Al Arab Hotel. It is due to complete by Q4 ‎2021‎. Each Quay Wall villa has six bedrooms and a built-up area of 9,146sqft on a plot size of 15,733sqft. It has private marina berths and beaches and a marine park.