According to Luxhabitat Sotheby’s, a high-end real estate brokerage company, Dubai’s demand for high-end properties remains strong as a villa in Emirates Hills has been sold for Dh75 million.
In 2021, the exquisite mansion was sold and resold in 2022. A 30,000 sq ft villa designed by architect Kobi Karp with a 30,000 sq ft built-up area, it is one of the most luxurious in the emirate.
From the handblown glass chandelier with 500 hand-blown spheres and 50 crystal butterflies designed and executed by ‘Preciosa’ to the 50-year-old Bonsai tree in the atrium, every detail of the mansion was designed and implemented by top-notch designers using high-class finishes, handcrafted materials, and custom-made furnishings.
“Emirates Hills is back on the map with record-high prices of the properties due to more demand and limited availability making it true to its nickname as the ‘Beverly Hills of Dubai’”, said Leigh Borg, managing director at Luxhabitat Sotheby’s International Realty.
The strong start for 2022 has been driven by the soaring demand for ultra-high-end properties from high-end buyers looking for lucrative secondary markets. According to the brokerage, so far in 2022 over 13 Emirates Hills villas have been sold, with a total volume of Dh458.5 million and an average transaction price of Dh35.2 million.
“Due to high demand, some sellers are highly invested in refurbishing or in some cases completely demolishing and rebuilding properties to meet the requirements on the latest high net worth buyers. These properties once ready will all be top transactions properties in the luxury residential sector as Emirates Hills still commands the spot as the most luxurious and coveted neighborhood in Dubai,” said Borg.
The Emirate’s real estate market is seeing high demand from high-net-worth individuals and international buyers across Germany, Switzerland, France, Russia, Italy, India, and the GCC. Dubai is considered by international buyers to be a safe and stable economy, especially when it comes to investing in large value assets available in areas like Emirates Hills, Palm Jumeirah, Al Barari, and Jumeirah Bay Island.