Dubai: A Dh225 million villa at Emirates Hills now lays claims to be the most valuable listed property in Dubai, even as demand for super-expensive homes in the city remain at fever-pitch. It was just recently that a deal for a Dh280 million villa at the Palm was concluded.
The Emirates Hills’ property comes to market as more enquiries are generated from European, including those from Russia. Of late, French nationals too are getting active in this space, market sources say.
Emirates Hills has seen its share of super-sized deals and The XLV Residence should have no trouble joining those ranks. The name derives from it being on Plot No. 45. Featuring a built-up area of 50,000 square feet, the unit encompasses seven bedrooms.
The developer is Select Group, known more for its deluxe high-rises in Dubai Marina. (Dubai is also seeing some older high-end villas going through makeover programmes to update their look and features, with sellers trying to make full use of the demand - and price gains - they are seeing at the very top end of the residential space.)
“There has been an increase in the number of buyers enquiring at over the Dh100 million price point,” said Mark Castley, Chief Operating Officer of LuxuryProperty.com, which is one of the agencies tasked with finding a buyer for The XLV. “One of the problems we have faced as a company, and as an industry in general, is the lack of available stock to meet that demand.
“This year, that problem has been alleviated - slightly - with the arrival of new custom-built homes that had their completion delayed by the pandemic. It’s not going to completely solve stock issues, but it does help.”
In recent quarters, sales of Dh100 million homes on the Palm and at Jumeira Bay island had dominated the rankings, but Emirates Hills made a determined push through a Dh102.8 million deal in May. There was also a Dh128 million mansion at Dubai Hills Estate that found an owner.
Not keeping it ‘private’
The seller has not opted for a private listing of The XLV, which is quite a different tack from the way such properties are being sold in Dubai these days. With private listings, select potential buyers are given the home tour – or go through virtual displays – before they make up their mind, one way or the other.
Qeblawi Brooks, a design studio that specialises in residential projects, oversaw the architecture and the interiors, which feature a combination of Italian and Turkish marble, furnishings from Fendi and Cavalli, and kitchen appliances from Gaggenau. There are 3-metre wide full-height windows dotting each room. “From the choice of materials to the aesthetic, The XLV retains a subtle Arabesque character," said Jason Hayes, CEO of LuxuryProperty.com.
* A Greek-style Signature Villa, also on the Palm, for Dh140 million; and
* An Emirates Hills villa with a range between Dh100 million and Dh150 million. The seller does not with to disclose the exact price except to serious buyers.