New Emirates Hills mansion sells for Dh75m as luxury homes in Dubai remain favorites with investors
Dubai: Dubai’s luxury homes continue to soar, with a brand new mansion in Emirates Hills worth 75 million dirhams. The property, with a built-up area of 30,000 square feet, was sold last year and then resold now
The deal was brokered by Luxhabitat Sotheby’s and marks a return to form for Emirates Hills. One of Dubai’s established hotspots for super-prime home sales. Emirates Hills had seen serious competition for the attention of investors from Jumeira Bay Island and Dubai Hills Estate, as well as Palm.
“Emirates Hills is back on the map with record property prices due to increased demand and limited availability, which lives up to its moniker ‘Beverly Hills of Dubai’,” said Leigh Borg. , CEO of Luxhabitat Sotheby’s.
Say it with a chandelier – and Bonsai
While the house is designed by Kobi Karp, the new owner will also find a chandelier with over 500 hand-blown glass spheres and crystal butterflies and a 50-year-old bonsai tree in the atrium.
“Due to high demand, some sellers are heavily invested in renovating or, in some cases, completely demolishing and rebuilding properties to meet the demands of the latest high net worth buyers,” Borg said. “Once ready, these properties will be all the best deal properties in the luxury residential sector, as Emirates Hills still dominates the square as Dubai’s most luxurious and coveted area.”
- Average rents for high-end homes in Dubai in the 12 months to February rose 11.5%, according to CBRE.
- Average rents for apartments and villas increased by 9.9% and 22.5% over the same period.
- The highest annual rents for apartments and villas were in Palm Jumeirah, where asking rents averaged Dh190,098, and Al Barari, where they averaged Dh785,037.
Property values keep rising
In its latest update on the Dubai property market, consultancy CBRE estimates that average values rose 10.7% in the year to February. Apartment prices increased by 9.1% and average villa prices by 21%, particularly for high-end homes.
Some sellers are heavily invested in renovating or, in some cases, completely demolishing and rebuilding properties to meet the demands of the latest wealthy buyers.
– Leigh Borg of Luxhabitat Sotheby’s.