Rs 1,676-crore mansion in Dubai is up for sale: an Indian is interested

An Indian is one of the potential buyers of a massive mansion, costing 750 million dirhams (about Rs 1,676 crore) in Dubai, which is located in the highly sought after Emirates Hills neighbourhood.

This is touted to be the most expensive sale in the currently booming Dubai property market.

According to a Bloomberg report, the mansion has been nicknamed by the luxury real estate agents Luxhabitat Sotheby’s International Realty as “Marble Palace” since it has been built in Italian marble stone. Built at a cost of 80 million dirhams to 100 million dirhams, it took nearly 12 years to be constructed.

The inside of the Marble Palace is spread over 60,000 sq feet and it comes with amenities like a garage that can house 15 cars, outdoor pools, a wine cellar, an 80,000 litre coral reef aquarium, panic rooms and more. The primary bedroom is over 4,000 square feet, guest rooms are each about 1,000 square feet. There are 12 staff rooms with space for up to 25, and two bank vaults.

Moreover, 700,000 sheets of gold leaf have been applied in the house, said the report.

The home also is decorated with the owner’s personal art collection, which are largely 19th century and 20th century statues and paintings. The owner, who has not been named, is willing to negotiate with the buyer for the sale of these pieces. Also, currently, the owner lives in the house by himself after his divorce.

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The property market 

The Dubai property market has been enjoying a good run since wealthy people around the world are keen to settle down in the UAE because of the way the country handled the pandemic and its convenient geographic location.

Bankers from Singapore and Hong Kong, affluent people around the world who want a safe haven to stash their wealth and the influx of Russians too have helped the market to thrive.

Today, Dubai is viewed as one of the world’s most affordable luxury home markets. It ranks 16th in Knight Frank’s 20 global prime residential markets. Typically, a buyer with US$1 million can get a 1,130 square feet residential space in prime areas like the Palm Jumeirah, Emirates Hills, or Jumeirah Bay Island. This works out to be four times more space than in New York, London, or Singapore.

Red hot property sales

Recently, an empty beachfront plot was sold for 25 million dirhams and a penthouse by the Persian gulf went for 420 million dirhams. And, the Marble Palace is expected to be sold for 12,500 dirhams per sq foot, the most expensive to date. But the report also said that another property, a penthouse apartment in a project called Bugatti by Binghatti will also be offered at 750 million dirhams when it is completed. This sky mansion will have a car elevator.

Who’s interested in buying Marble Palace

Two people, a Russian and an Indian have checked out the place. While the Russian has to decide how to move that amount of money, the wife of the Indian client, who already owns three properties in Emirates Hills, wanted something more contemporary, said the report. The buyers will be very high-profile and are ‘politicians’ since Emirates Hills ideal to invite former heads of governments like the Obamas and sheikhs, said the report.

Emirates Hills, a gated community, referred to often as Dubai’s Beverly Hills, has a golf course that runs through the middle.