Luxhabitat Sotheby’s has announced it has sold a new uber luxury mansion in Emirates Hills, Dubai for AED75 million ($20.4 million).
The sale comes on the heels of the real estate broker’s record-breaking AED750 million sales transactions in 2021.
Leigh Borg, managing director at Luxhabitat Sotheby’s International Realty, closed the transaction, saying: “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’.”
Borg has sold and transferred properties worth AED257 million and has been the top agent in Emirates Hills on volume of sales transactions and value for the last four years, the company said in a statement.
He said the neighbourhood continues to see high demand from high-net worth individuals and international buyers across Germany, Switzerland, France, Russia, Italy, India and the 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,” explained Borg.
The mansion, which was sold in 2021 and re-sold in 2022 by Borg, is described as one of the most lavish villas in Dubai with a 30,000 sq ft of built-up area.
It features a chandelier with over 500 hand-blown glass spheres and crystal butterflies and a 50-year-old Bonsai tree in the atrium.
Borg 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 neighborhood in Dubai,” he added.
According to Luxhabitat Sotherby’s, over 13 Emirates Hills villas has been sold in 2022 so far, with a total volume of AED458.5 million and an average selling price of AED35.2 million.
The company is focused in sourcing the top quality properties in premium residential areas such as Emirates Hills, Palm Jumeirah, Al Barari, Jumeirah Islands, Jumeirah Golf Estates, Meadows, Lakes and Arabian Ranches.
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