Even while demand for super-expensive properties in Dubai remains at fever pitch, a Dh225 million estate in Emirates Hills now claims to be the most valuable listed property in the city. A deal for a Dh280 million villa on the Palm was only recently completed.
As additional European inquiries, including ones from Russia, pour in, the Emirates Hills property goes on the market. According to market sources, French nationals have recently become more active in this space.
The XLV Residence should be no different. Emirates Hills has seen its fair share of mega-projects, and The XLV Residence should be no exception. Its name comes from the fact that it is located on Plot No. 45. The unit has seven bedrooms and a total built-up size of 50,000 square feet.
Select Group, best known for its premium high-rises in Dubai Marina, is the developer. (Some older high-end villas in Dubai are also undergoing makeovers to modernize their look and features, with sellers attempting to capitalize on the increased demand – and price gains – at the very top end of the residential market.)
“There has been an increase in the number of buyers enquiring at over the Dh100 million price point,” said Mark Castley, Chief Operating Officer of LuxuryProperty.com, which is one of the agencies tasked with finding a buyer for The XLV. “One of the problems we have faced as a company, and as an industry in general, is the lack of available stock to meet that demand.
“This year, that problem has been alleviated – slightly – with the arrival of new custom-built homes that had their completion delayed by the pandemic. It’s not going to completely solve stock issues, but it does help.”
Sales of Dh100 million properties on the Palm and Jumeira Bay island have dominated the rankings in prior quarters, but Emirates Hills made a concerted push in May with a Dh102.8 million deal. At Dubai Hills Estate, there was also a Dh128 million mansion that was sold.
Not keeping it ‘private’
The seller has chosen not to list The XLV privately, which is a departure from how such properties are typically sold in Dubai these days. With private listings, a small number of potential buyers are given a home tour – or are shown virtual representations – before making a decision.
The architecture and interiors were designed by Qeblawi Brooks, a design firm specializing in residential buildings, and feature a mix of Italian and Turkish marble, Fendi and Cavalli furnishings, and Gaggenau kitchen appliances. Each room has full-height windows that are 3 meters wide. “From the choice of materials to the aesthetic, The XLV retains a subtle Arabesque character,” said Jason Hayes, CEO of LuxuryProperty.com.