Sizing up the booming global market for trophy real estate

Source: The Real Deal — 

A mansion in Dubai won’t be completed until next year, but it already holds the title of the emirate’s priciest home.

A mystery buyer recently dropped 302.5 million dirhams — the equivalent of $82.4 million — for a villa on Dubai’s Palm Jumeirah, a tree-shaped artificial island jutting into the Persian Gulf.

Though it stands as Dubai’s most expensive home sale to date, the deal pales in comparison to some other trophy properties sold around the world in recent years.

“Years ago, I started calling this market a circus sideshow,” said appraiser Jonathan Miller, who has been tracking trophy real estate, or homes that sell for $50 million and up, since 2007.