A five-bedroom villa on Saadiyat Island has been sold for Dh130 million ($35.39 million), making it the “most expensive house” sold in Abu Dhabi, the broker managing its sale said.
Sold to a UAE resident last month, the property surpassed the previous record of Dh98 million at Ohana by The Sea, a community between Abu Dhabi and Dubai, Dubai Sotheby’s International Realty, which brokered the deal in partnership with real estate firm Kenzie, told The National on Wednesday.
The property underwent a “complete renovation” before it was sold to the buyer, with marble craftsmanship and a curated collection of art.
The company did not reveal the seller’s details but said the “sale underscores the growing strength of Abu Dhabi’s prime real estate market”. Abu Dhabi Real Estate Centre confirmed the value of the deal to The National but has yet to verify whether it is the most expensive sale in the emirate.
“Abu Dhabi is quickly emerging as a world-class destination, and this record-breaking sale is a testament to the incredible potential of the capital’s luxury real estate market,” George Azar, chairman and chief executive of Dubai Sotheby’s International Realty, said.
“The demand for ultra-luxury homes here is growing, fuelled by the city’s ongoing transformation in art, architecture, dining, entertainment and a stable economy.”
The latest deal comes as UAE’s property market continues to grow on the back of government initiatives such as residency permits for those who have retired and remote workers, as well as a strong expansion in its non-oil economy.
In the first half of the year, Abu Dhabi recorded 12,439 property transactions valued at Dh36.2 billion, with Dh23.7 billion worth of sales and purchase deals and Dh12.5 billion comprising mortgage transactions, according to the Abu Dhabi Real Estate Centre.
Investors from 75 countries including the US, the UK, China, Russia and Kazakhstan bought property worth Dh3.28 billion in the emirate during the six-month period, the latest data shows.
Global high net-worth individuals are expected to spend a total of $408 million to purchase a property this year in Abu Dhabi, with an average budget of $3.4 million for global HNWIs and $900,000 for GCC-based wealthy residents, according to a May report from Knight Frank.
Saadiyat Island, which is home to tourist destinations such as the Louvre Abu Dhabi, “has quickly become one of the most coveted addresses in the UAE”, Olga Balashova, senior global property consultant at Dubai Sotheby’s International Realty, said.
Abu Dhabi’s biggest developer Aldar Properties has revealed plans to launch new properties on Saadiyat amid higher demand from buyers. It is developing 281 apartments and sky villas as part of The Arthouse residential community, it said in July.
Aldar also launched its first properties in the Saadiyat Island Marina District in March. The new mid-rise development, called Nouran Living, consists of 372 studios, and one, two and three-bedroom apartments.