Dubai unveils $100M mansions to attract the world's ultra-rich elite

Post by: Bandan Preet

Dubai is unveiling a new batch of luxurious mansions and penthouses, some of which come with extravagant features like cinemas, spas, and private elevators. These homes, priced between $60 million and more than $120 million, are being built to attract wealthy individuals from across Europe, Asia, and the Americas. The builders are taking things to the next level with some incredibly unique designs, even by Dubai's already high standards.

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For example, one developer transported a huge glass wall thousands of miles just to give a homeowner a perfect sea view. Another developer added a private lobby and elevator to a penthouse that stretches across two towers. In one case, a swimming pool has a movable floor that can rise and blend into the garden tiles during parties. These features are pushing the boundaries of luxury and making the new homes more impressive than ever.

Despite prices in Dubai's real estate market slowing down after a period of rapid growth since 2021, developers are still building these magnificent homes in some of the city's most expensive beachfront locations. Mark Phoenix, CEO of Sankari Properties, which is building a $1 billion ultra-luxury tower, says the high-end market remains the most profitable, and if done correctly, developers can sell these homes for top prices.

What makes Dubai's real estate market special is that it is growing while many other international cities are seeing a slowdown in luxury property prices. In 2024, a record 435 homes in Dubai sold for over $10 million each, surpassing cities like New York and Hong Kong. Property researchers believe prices for ultra-luxury homes in Dubai could rise another 5% this year, following a jump of 67% since 2021.

The appeal for wealthy buyers lies in the fact that they can still find more space for their money in Dubai compared to other major cities. On a per-square-foot basis, prices in Dubai are much lower than in New York or London. Mahdi Amjad, the founder of Omniyat, a company known for luxury apartments, says that for the same price, clients can get a lot more space and high-end amenities in Dubai than in cities like New York.

Developers in Dubai are always trying to outdo international cities, which sometimes leads to extravagant and creative solutions. At one construction site, a giant glass dome was being built to cover a pool and spa. The dome can retract when the owners want to enjoy the sun. Other luxury properties feature winding pools that let residents swim from a bar to a spa.

Some of the most desired locations in Dubai are its artificial islands, like Billionaire Island, where the mansions come with private beaches and even rotating tables for parking that automatically turn the cars in the right direction.

The United Arab Emirates has become the top destination for millionaires, with an estimated 6,700 millionaires moving to the country in 2024. But building such luxurious homes is not easy, and it comes with high costs. Some developers, like Mark Phoenix, say that adding extra features can make construction more expensive, especially when there are unique design requirements.

For instance, one buyer requested an entire living room wall made from a single, massive piece of glass, measuring 17 meters by 4 meters. The developer had to work with glass manufacturers in Germany and Switzerland to make this happen. The special glass was transported by ship and truck, and the developer even had to create a special underground room to store the glass when it was retracted for an open sea view. Despite the challenges, the client got exactly what they wanted.

Despite this, some developers are noticing that demand for these luxurious homes is still high, but the pace of price increases is slowing. Honey Deylami, an executive partner at Dubai Sotheby’s International Realty, notes that while wealthy buyers are becoming more cautious about rising prices, the demand for ultra-luxury homes is still far greater than the supply. However, much of the new supply of ultra-luxury homes won't be available for a few years, as it’s still under construction.

In the world of Dubai real estate, one thing is clear: the city's ultra-luxury homes are drawing in the world’s richest individuals, offering them unmatched space, extravagant features, and a lifestyle that’s hard to beat.

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