Luxury Dubai villa sells for almost Dh28 million

10/08/2011 - Dubai Property News Posted by Neil King
Luxury Dubai villa sells for almost Dh28 million

The top end of the Dubai property market continues to attract attention from wealthy investors, a recent sale has suggested.A villa on the luxury Palm Jumeirah development recent sold for almost $7.6 million (Dh28 million), the Economic Times reported.According to the report, the property attracted an initial bid of $5.9 million before rising to the final selling price, bucking the recent trend which has seen property prices on the island decline.The winning bidder now lays claim to a six-bedroom villa, set in 13,000 square-foot grounds.It comes after one industry expert predicted that demand for premium properties in the emirate is set to increase significantly over the coming months.In an interview with The National, Mujtaba Virani, a sales consultant with Better Homes, said: "It is my opinion we're in the beginning stages of a bull run in the Dubai property market."Inquiries for such apartments are increasing, primarily from India, Iran and the surrounding GCC countries."The comments come after an apartment in the Burj Khalifa was put on the market for Dh25 million.