Demand for high-end properties in Dubai continues to remain strong in 2022 as a new villa in Emirates Hills has been sold for Dh75 million, said Luxhabitat Sotheby's, a high-end real estate brokerage company.
The exquisite mansion was sold in 2021 and re-sold in 2022. It has been designed by architect Kobi Karp and is one of the most lavish villas in the emirate with a 30,000 sq ft of built-up area.
From the magnificent chandelier with over 500 hand-blown glass spheres and crystal butterflies designed and executed by ‘Preciosa’ to the 50-year-old Bonsai tree in the atrium, every detail of the mansion was planned and executed by top-notch designers with 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 beginning for 2022 has been heavily influenced by the soaring demand in the ultra-high-end property segment from high-end buyers honing in on lucrative secondary markets. Over 13 Emirates Hills villas have been sold in 2022 so far, with a total volume of Dh458.5 million and an average transaction price of Dh35.2 million, the brokerage said.
"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 neighbourhood 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 GCC. International buyers see Dubai as a safe and stable economy to buy into particularly when it comes to investing in the large value assets available in areas like Emirates Hills, Palm Jumeirah, Al Barari and Jumeirah Bay Island.
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