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  • Writer's pictureAlta Real Estate Development

Is Dubai Water Canal to be city’s next ‘billionaires’ row’?

Deal worth $32.7 million indicates demand for luxury property in emirate

Dubai: Is the Dubai Water Canal the next go-to place for billionaire investors wanting pricey homes? Sure looks like it after a private family office representing a ‘European billionaire’ bought two duplex penthouses.

These units are part of the Mr. C Residences Jumeirah, where a single transaction came to over Dh120 million (about $32.7 million) — seen as indicative of demand for luxury property investments in Dubai sustaining itself into 2023.

Everose Properties, represented by Karl Shehfe and Gregory Mathieu, was the wealth management entity for the transaction.

The name of the buyer has not been revealed.

The transaction comes even as market feedback suggests there could be more of the eye-catching Dh100 million plus deals likely in the coming weeks. Last year results in record transactions in the super-premium space, with the costliest villa buys upwards of Dh300 million. There were also property deals that broke the Dh600 million mark.

The Mr. C Residences — featuring 27 bespoke units — is a project helmed by Maggio and Ignazio Cipriani of Mr. C, a luxury hospitality and residential brand, in alliance with Alta Real Estate. The latter is led by Abdullah Al Tayer.

“Dubai Water Canal is becoming a new billionaire’s row with Mr. C Residences Jumeirah attracting an influx of first-time investors from Europe,” said a statement.

“We are honored by the response we received from both the local and international communities, since the project is practically sold out,” says Ignazio.

"Living in Mr. C Residences Jumeirah is like embarking on a journey on a classic Italian yacht through the Arabian Gulf every day" - Ignazio Cipriani of Mr. C

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