New Emirates Hills mansion sells for Dh75m as Dubai luxury homes remain investor favourites

Dubai: Dubai’s luxury homes keep hitting the high notes, with a brand new mansion at Emirates Hills fetching Dh75 million. The property, with a 30,000 square feet built-up area, was sold last year and then re-sold 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 been seeing some serious competition for investor attention from Jumeira Bay Island and Dubai Hills Estate, as well as from Palm.

“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.

Saying it with a chandelier - and Bonsai

While the home 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 highly invested in refurbishing or, in some cases, completely demolishing and rebuilding properties to meet the requirements on the latest high networth buyers," said Borg. "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.”

Property values keep gaining

In its latest Dubai property market update, the consultancy CBRE reckons that average values increased 10.7 per cent in the year-to-February. Apartment prices were up 9.1 per cent and average villa prices by 21 per cent, particularly for high-end homes.