Dubai: Wealthy investors from Europe and the CIS continue to be the most active in Dubai’s luxury residential space, with a Russian buyer just completing the purchase of a mansion at District One for Dh89.1 million. This is reportedly among the highest recorded for a mansion at District One, which is part of the expansive MBR City ‘districts’.
The eight-bedroom home has a built-up area of a whopping 32,500 square feet and located close to the crystal lagoon. As is the norm with mansions in Dubai these days, it is fitted out with a private cinema, entertainment zone and a sprawling ‘family lounge’. The sale was effected by Realty Force Real Estate Brokers. The negotiations started in March and concluded by mid-May.
"The buyer – who is Russian - had lived in District One for two years as a tenant and loved this location because of the lagoon, the upcoming mall (Meydan One Mall) and the schools,” said Riyaz Merchant, CEO of Realty Force. “That’s what led him to decide to move into his own home in the same community.” The seller is an Australian national. "District One is one of the most prestigious real estate addresses in the UAE,” said Merchant. “Most buyers in District One are Europeans looking to move into Dubai. Some are existing tenants there – like the buyer for the Dh89.1 million home - who have seen their rents rise too high."
A development from Meydan Group, District One – which covers more than 1,000 acres - along with Dubai Hills has emerged as a hot investor favourite of recent times, especially for those looking to options outside of Emirates Hills.