Do you have Dh190 million? This Dubai villa is for you

As Dubai’s super-prime market continues to thrive in 2022, another high-value property listed in one of the most sought-after areas of the emirate.

Leading strongest marketing and selling platform for luxury real estate Luxhabitat Sotheby’s International Realty on Tuesday announced an exclusive listing of a custom-built six-bedroom villa in Emirates Hills.

The villa, which has a built-up area of 30,000sqft and overall plot size 32,932sqft, is located in sector L and will be sold for Dh190 million.

Luxhabitat Sotheby’s International Realty, which has sold one high-priced villas in Emirates Hills this year so far with a total sales volume of Dh458.5 million, said the new-listed property will catch the attention of high net worth individuals (HNWIs) due to limited supply of luxury properties in Dubai.

“A firm favourite among expatriate families, particularly from across Europe, UK, India and GCC, over the years, several of these villas have seen remodeling and renovations to cater to unique and contemporary tastes,” said Leigh Borg, executive partner at Luxhabitat Sotheby’s International Realty.

He said the limited supply villas in the very exclusive address has ensured considerable capital appreciation.

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Beverly Hills of Dubai

Known as the ‘Beverly Hills of Dubai’, Emirates Hills has recently experienced record high prices due to limited availability combined with growing demand from overseas Ultra HNWIs flocking to invest in the city’s real estate. The luxury properties sales surged 40 per cent during the third quarter of 2022, reaching Dh727 million, according to the Dubai Land Department data.

The palatial mansion, which is developed by Miami architect Kobi Karp with the support of Thai firm PIA Interior, has multiple stunning features. The high-priced property has handcrafted wooden doors, a special dolby atmos private cinema designed by Vox experts with a floor-to-ceiling screen, a bespoke kitchen complete with Miele and Siemens appliances, and a magnificent eight-metre Preciosa chandelier with 500 hand-blown glass spheres and crystal butterflies, which hangs over the 50-year-old Bonsai tree in the villa’s central atrium.

Emirates Hills also offers access to two championship golf courses — the Montgomerie and Emirates Golf Clubs — adding to its popularity. The Montgomerie hotel offers a swimming pool, spa, and gym.

Dh90m off-plan mansion

In another development in luxury segment, real estate consultancy Knight Frank announced that it completed record sale of Dh90 million Lanai Islands mansion in Tilal Al Ghaf. It is one of the most expensive off-plan sales for a mansion in the area.

Andrew Cummings, partner and head of Prime Residential at Knight Frank Middle East, said Lanai Islands is undoubtedly going to be one of the most exclusive communities in Dubai and is the first development that has delivered a true turnkey luxury mansion product that benefits from world-class architecture and interiors.

“It is also another reminder that the prime market in Dubai is now expanding beyond the traditional areas such as Emirates Hills and Palm Jumeirah, with Tilal Al Ghaf set to be one of the most desirable communities in Dubai on completion,” he said.

“This remarkable Dh90 million mansion ($24 million) has an impressive plot size of 25,870sqft and a bult-up area of 30,742sqft,” according to the Knight Frank.

Cummings went on “the buyers took the opportunity to customise the mansion, creating a huge master suite that is over 2,000sqft and opting for the exterior guest house to be converted into an executive office”.

All of this is on top of spacious en-suite bedrooms, three swimming pools, including a triple height waterfall, home spa, gym and relaxing decking that sits out on the crystal lagoon.

Focus on Tilal Al Ghaf

Once completed in 2026, Lanai Island will be the first of two private islands to be released in Tilal Al Ghaf by Majid Al Futtaim, and will include new seven and eight-bedroom ultra-luxury mansions designed in collaboration with SAOTA, a world-known South African architecture studio, and Kelly Hoppen, an award-winning interior designer.

The island consists of just 13 luxury mansions, made up of nine Shore mansions and then four prestigious Edge Mansions — all of them sitting on a private island in the middle of a 1.2km crystal lagoon.

Knight Frank recently reported that Prime residential prices in Dubai, which encompass the neighbourhoods of The Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, are set to experience the strongest price growth globally, detailing how Dubai’s prime residential market has and continues to be a global outlier, with record price growth in 2022.

Prime property values are being fuelled by Dubai’s safe-haven status, an exceptionally diverse range of international ultra-high-net-worth individuals in search of luxury second homes, combined of course with the government’s world-leading response to the pandemic, which has spurred business investor confidence.

— muzaffarrizvi@khaleejtimes.com

• Business