Dubai's most expensive property goes on sale

09/07/2012 - Dubai Property News Posted by Bob Brunskill
Dubai's most expensive property goes on sale

The Dubai property investment arena showcases luxury and wealth, but the city of superlatives has once again outdone itself.According to Emirates 24/7, the most expensive home ever advertised in the emirate is attracting a lot of attention.The mansion is a 45,000 sq ft construction on the sought-after Palm Jumeirah.Its value is a non-negotiable AED 5,555 per sq m while its asking price is AED 250 million (£43.8 million) and the house is, according to Power House Properties, the priciest home ever to feature in listings in the city's history.The villa is currently owned by a "high-profile businessman" and includes no fewer than ten ensuite bedrooms, a gym, four majilis rooms, two studies, two family rooms, a steam room, a sauna, both indoor and outdoor pools, a kitchen, family and private dining rooms, storage rooms, a garage for six cars and a 20-seat cinema.These sorts of custom-made mansions are in short supply and are usually built by individuals with a high net worth to their own specification.Such dwellings are located on the tips of the Palm Jumeirah's fronds and are rarely up for sale in the public arena.Owner of Power House Properties Myles Bush was keen to garner the interest of an exclusive set of investors.He told Emirates 24/7: "We are the 'chosen' selling agent and this is, of course, [one of] the costliest properties sold in Dubai. We are making sure that we show the mansion only to high profile clients."The newspaper reported that Signature and Garden Home villas on the Palm Jumeirag have increased in value, with most registering appreciations of between 11 and 25 per cent in the first half of 2012, compared to the same period in 2011.Indeed, some Signature villas are now listed as a full 50 per cent more than last year.Dubai Land Department records revealed that the total number of transactions on the Palm reached 719 and were valued at AED 3.4 billion in the first half of 2012. Learn more about opportunities for property investment in Dubai at The First Group.