Times are tough at the top of the Dubai property market.
Take for example this European-style four-bedroom villa located at the tip of Palm Jumeirah’s frond D and on the market for Dh23 million.
It is one of only three similar three-storey tip villas and is located directly next to one of the man-made island’s royal palaces. Its location opposite one of the bridges on the crescent of the Palm means the villa enjoys better water circulation than most of the other properties.
From the property’s private beach, you can gaze out over the Marina skyline and the Burj Al Arab. The villa also includes its own private pool, alongside a large terrace.
Inside, features include a cinema, bar and office as well as a spacious family living room, the dining room, a majlis area and lounge. It has been redecorated and restyled to include a fully equipped Italian kitchen, the bathrooms have been upgraded to include jacuzzis and Italian mosaic stones.
And yet, after six months on the market the Italian owners, like hundreds of property owners in Dubai, are still struggling to sell.
The property broker Luxhabitat, which took over marketing the property two weeks ago, says the European style of the villa means it appeals more to Western buyers – the sort of people who were buying in droves in Dubai a few years ago but have now been hit hard by currency fluctuations of the pound and the euro. More info and photos