The most active investors in Dubai’s luxury residential market are still from Europe and the CIS, with one of them just completing the acquisition of a home in District One for Dh89.1 million. This is said to be one of the highest prices ever paid for a residence in District One, which is one of the many ‘districts’ that make up MBR City.
The eight-bedroom residence is situated near the crystal lagoon and has a built-up size of 32,500 square feet. It has a private cinema, entertainment zone, and a wide ‘family area,’ as is standard in Dubai homes these days. Realty Force Real Estate Brokers handled the transaction. The talks began in March and were completed by mid-May.
“The buyer – who is from the former Soviet Union – had lived in District One for two years as a tenant and loved this location because of the lagoon, the upcoming mall (Meydan One Mall), and the schools,” said Riyaz Merchant, CEO of Realty Force. “That’s what led him to decide to move into his own home in the same community.”The seller is an Australian national. “District One is one of the most prestigious real estate addresses in the UAE,” said Merchant. “Most buyers in District One are Europeans looking to move into Dubai. Some are existing tenants there – like the buyer for the Dh89.1 million home – who have seen their rents rise too high.”
District One, a Meydan Group development covering more than 1,000 acres, together with Dubai Hills, has recently emerged as a popular investment favorite, particularly for those looking for alternatives to Emirates Hills.