Emirates Hills in Dubai is back in full bloom, with a Dh102.8 million property sale marking the community’s second-largest transaction.
It was sold to an Indian entrepreneur by a Maltese businessman. The villa is on a 38,000-square-foot site. “I’ve worked with the seller before, and both parties were wonderful people to deal with,” Myles Bush, a founding partner of Phoenix Homes, the brokerage firm involved in the transaction, said.
The house is almost 20,000 square feet in size and backs up to the golf course. There are five bedrooms, a theatre, a pool, and a gym on the premises. “This sale underlines the positive growth trajectory we are seeing in local real estate,” said Bush, who will receive a ‘seven-figure commission for his deal’.
In contrast to the 50:50 split that is a typical practice between agency and agent, Phoenix Homes offers an 80 percent commission scheme.
“It’s interesting to note that this year’s record-breaking sale (for a Dh280 million villa on the Palm) also came from an agency which offers its brokers a similar 80 percent commission model,” said Bush. “This is clearly the way forwards for high-achieving agencies to attract the best talent.”
Phoenix provides a workspace for those who want it, but it is up to each broker to decide whether or not they want to help promote their property portfolio.
April property sales
In April, there were just under 7,000 sales transactions in Dubai’s property market, collecting Dh18.2 billion, the biggest monthly total since 2009.
Secondary trades accounted for 60% of all transactions, with fewer off-plan launches taking place during Ramadan. According to Property Finder data, off-plan transactions fetched Dh5.33 billion even back then.
“All eyes were on the real estate performance post Expo 2020, and with April 2022 performing the highest since 2009, the data is a strong testament to the growing appeal for the Dubai real estate market,” said Scott Bond, UAE Country Manager. “We also see a positive sentiment for investment opportunities following various governmental initiatives, including the recent new categories added to the Golden Visa rules, making Dubai’s properties one of the most preferred investment assets for the long term.”