A villa located in Emirates Hills, Dubai, has been sold for Dh102.8 million, which is the second-highest ever sale the community has witnessed.
The villa, which has a plot area of around 38,000 square feet and a built-up area of 20,000 sq ft, was purchased by an Indian entrepreneur by a Maltese businessman.
Emirates Hills is one of the most well-established and upmarket neighbourhoods in the city, featuring a collection of the exceptional, mansion-like villas located on green streets encircling the Montgomerie Golf Club. It consists of luxury villas with pools line leafy roads, and there are play spaces for kids as well as schools along with sports facilities.
The sprawling villa also backs onto a golf course. The property contains floor-to-ceiling windows, a private cinema, five large bedrooms, a gym as well as a swimming pool.
Ultra-luxury homes in Dubai have been in relatively high demand as a vast number of high net worth individuals (HNWIs) were lured to the city due to the successful management of the Covid-19 pandemic by the government.
Of late, high-end regions such as Emirates Hills, Palm Jumeirah, Downtown and Jumeirah Bay Island have seen prices jump by more than 44%.
Myles Bush, who is a founding partner in the Phoenix Homes, sealed the whooping Dh102.8 million villa deal.
He stated after selling the villa that, “This is another notch in my career advancement. I was behind the largest mansion sale of 2017, which was the largest lease ever recorded in 2018, and the largest land sale of 2019. I have worked with the seller before in my life, and both parties were great people to deal with. We do not doubt that future business will be done with both parties. This sale highlights the positive growth trajectory we are witnessing in local real estate.”