Dubai: Emirates Hills in Dubai is back in full bloom, with a Dh102.8 million villa sold, the second biggest deal in that super-luxury all-villa community.
It was owned by a Maltese businessman and sold to an Indian entrepreneur. The villa has a plot of about 38,000 square feet. “I’ve worked with the seller before, and both parties were wonderful people to deal with,” said Myles Bush, a founding partner in Phoenix Homes, the brokerage firm that was involved in the deal.
The home has a built-up area of 20,000 square feet plus and backs up onto the golf course. There are five bedrooms, a cinema, swimming pool and a gym. “This sale underlines the positive growth trajectory we are seeing in local real estate,” said Bush, who will receive a ‘seven-figure commission for his deal’.
Phoenix Homes offers an 80 per cent commission model in contrast to the 50:50 split that is the standard practice between agency and agent.
In recent months, Palm, Dubai Hills and Jumeira Bay had been drawing much of the buyer's attention, along with clusters at MBR City. Emirates Hills, in contrast, had not been seeing too many deal flows, because for the most part sellers were waiting for the right time to list. And clearly, getting Dh100 million-plus counts as the right time.
“It’s interesting to note that this year’s record-breaking sale (for a Dh280 million villa on the Palm) also came from an agency which offers its brokers a similar 80 per cent commission model,” said Bush. “This is clearly the way forwards for high-achieving agencies to attract the best talent.”
Phoenix offers workspace for those who want it, and leaves each broker to decide if they want to contribute to marketing of their property portfolio.
April property sales
There were just under 7,000 sales transactions in Dubai’s property market during April, raising Dh18.2 billion – and the highest ever achieved in the month since 2009.
Secondary transactions represented 60 per cent, with fewer offplan launches happening during the month of Ramadan. Even then, offplan sales fetched Dh5.33 billion, according to Property Finder data.
“All eyes were on the real estate performance post Expo 2020, and with April 2022 performing the highest since 2009, the data is a strong testament to the growing appeal for the Dubai real estate market,” said Scott Bond, UAE Country Manager. “We also see a positive sentiment for investment opportunities following various governmental initiatives, including the recent new categories added to the Golden Visa rules, making Dubai’s properties one of the most preferred investment assets for the long term.”