Indian contender for Dubai's costliest home, vying with global elite buyers

In Dubai's highly competitive luxury property market, a mansion known as the "Marble Palace" has emerged as the most expensive house for sale, with a staggering price tag of 750 million dirhams ($204 million). The property, located in the prestigious Emirates Hills neighborhood, boasts opulent features and exquisite craftsmanship, making it a dream home for the world's wealthiest elite.

Spanning an impressive 60,000 square feet of indoor space, the mansion offers a grand living experience. Surprisingly, it only houses five bedrooms, but the primary bedroom alone occupies a massive 4,000 square feet, surpassing the size of many ordinary homes. The ground floor showcases elegant rooms for dining and entertaining, catering to the desires of its future owner. Moreover, the property includes a 15-car garage, both indoor and outdoor pools, two domes, a 70,000-liter coral reef aquarium, a power substation, and panic rooms for added security. Nestled within a gated community, the mansion overlooks a picturesque golf course, enhancing its allure.

The construction of the "Marble Palace" was a labor of love, taking nearly 12 years to complete. Luxhabitat Sotheby's International Realty, the agency responsible for selling the property, estimates that the Italian stone used in its construction cost between 80 million and 100 million dirhams. The meticulous craftsmanship involved employing 70 skilled workers who dedicated over nine months to apply an astonishing 700,000 sheets of gold leaf. The mansion currently showcases approximately 400 pieces from the owner's personal art collection, featuring statues and paintings primarily from the 19th and 20th centuries. The owner is open to negotiations regarding the inclusion of these artworks and furnishings as part of the purchase.

Dubai's property market has experienced an unprecedented surge since late 2020, outlasting similar global booms during the challenging times of the Covid-19 pandemic. The city's efficient handling of the pandemic allowed for a swift reopening, attracting bankers and investors who relocated from places like Singapore and Hong Kong. The world's affluent individuals eagerly invested in Dubai's luxury real estate market as a means to secure their wealth amidst global economic uncertainty. Additionally, the influx of Russian buyers, prompted by Russia's invasion of Ukraine, further fueled the market's growth.

Notably, the recent real estate landscape in Dubai has witnessed several mega-deals, including the sale of a beachfront plot for 125 million dirhams and the purchase of a penthouse in the Persian Gulf for 420 million dirhams. However, the "Marble Palace" sets a new benchmark, commanding a price per square foot of 12,500 dirhams, more than twice the amount fetched by other properties in Emirates Hills. The previous record sale in the neighborhood reached 210 million dirhams, at a rate of 5,614 dirhams per square foot, in August 2022, as per Dubai's property records. Another contender for the title of the city's most expensive property is a planned penthouse in the Bugatti by Binghatti project, offered at 750 million dirhams but yet to be built.

According to Singh, a representative from Luxhabitat Sotheby's, the potential pool of buyers for the "Marble Palace" is limited to about five to ten individuals worldwide who possess both the required wealth and an appreciation for its grandeur. Recently, two people have viewed the property, one being an Uzbek man who needs to navigate the logistics of transferring his funds, and the other an Indian client who already owns three properties in Emirates Hills. However, the Indian client's wife leans towards a more contemporary option, leaving their decision in the balance.

Kerry Michael, the marketing director for Luxhabitat Sotheby's, describes the "Marble Palace" as a status symbol, appealing to individuals in politics and leadership roles who wish to entertain and impress their guests. The mansion's location in Emirates Hills offers a sense of exclusivity, where dignitaries such as the Obamas and sheikhs can be invited and entertained without drawing excessive attention from the media, unlike the Palm Jumeirah, a man-made archipelago known for its high-end residences. Additionally, the proximity of the property to Palm Jumeirah and the Dubai International Financial Center business district adds to its allure, making it an ideal choice for the world's elite.

Emirates Hills, often referred to as Dubai's version of Beverly Hills, was established two decades ago and has since become a coveted residential community. The presence of a golf course running through the neighborhood adds to its prestige. The "Marble Palace" stands out due to its vast lot size, one of the largest in the community. Furthermore, an adjacent plot measuring approximately 6,000 square feet is available for potential buyers to purchase or lease from the developer, potentially for the addition of a tennis or padel ball court.

The luxurious features of the mansion extend to its living spaces. The primary suite includes his-and-her bathrooms, ensuring ultimate comfort and privacy. The second-largest bedroom suite spans 2,500 square feet, while guest rooms offer approximately 1,000 square feet of space each. One of the guest rooms has been repurposed as a wine storage area. Moreover, the mansion provides accommodation for up to 25 staff members across its 12 staff rooms and includes two bank vaults for added security. Interestingly, following a divorce, the current owner built the "Marble Palace" and currently resides in it alone.

In conclusion, the "Marble Palace" represents the epitome of luxury and exclusivity in Dubai's real estate market. With its unparalleled grandeur, meticulous craftsmanship, and an array of extravagant amenities, the mansion has captured the attention of the world's wealthiest individuals. While only a select few can afford its exorbitant price tag, the allure of hosting influential figures in a prestigious gated community like Emirates Hills makes it a unique investment opportunity for those seeking a lavish lifestyle.