Dubai’s ultra-luxury real estate market has reached new heights with the sale of a nine-bedroom mansion in the prestigious Hills Grove enclave of Dubai Hills Estate for an eye-watering Dh200 million.
This remarkable transaction has broken the previous record of Dh145 million set just two months ago, further solidifying Dubai’s position as a prime destination for high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs).
Represented by Dubai Sotheby’s International Realty, the sale saw the senior global property consultant Renit Shah acting on behalf of the buyer.
This marks yet another milestone for the luxury real estate firm, which has become a key player in Dubai’s rapidly growing high-end property market.
Hills Grove, an exclusive community within Dubai Hills Estate, is known for its unparalleled luxury and privacy. The enclave features only 26 residences, each nestled along a single, scenic street. Surrounded by lush green golf courses and serene lakes, Hills Grove has earned the moniker “Street of Dreams.”
The combination of exclusivity and limited availability has made it a highly sought-after location for Dubai’s wealthiest residents.
Over the past four years, Dubai Sotheby’s International Realty has closed five of the most expensive transactions in the area, with each sale surpassing the previous record.
The newly sold mansion is a testament to the exceptional quality of properties within Hills Grove.
Spanning over 37,700 square feet, the home is fully furnished and occupies a vast private plot. The mansion is spread across four levels, including a rooftop terrace and basement.
Its standout features include a boomerang-shaped swimming pool and expansive private gardens. The mansion also boasts panoramic views of the Dubai Hills Golf Course, the iconic Downtown Dubai skyline, and the Burj Khalifa.
George Azar, Chairman and CEO of Dubai Sotheby’s International Realty, commented on the sale, calling it a testament to the growing global appeal of Dubai.
“This record-breaking sale on Hills Grove’s ‘Street of Dreams’ is a reflection of Dubai’s position as a world leader in luxury real estate. Our ability to consistently break new records is a testament to the strategic vision of our team and our commitment to redefining the luxury living experience in Dubai,” said Azar.
Renit Shah, the senior property consultant for the buyer, echoed Azar’s sentiments, stating that Dubai Hills Estate continues to live up to its promise as a premier destination for the city’s elite.
Shah added, “With Hills View and Hills Grove showcasing some of Dubai’s most exquisite homes, it is no surprise that new pricing benchmarks are being set. As the community continues to develop, its value will only increase.”
Dubai’s real estate market has been in overdrive in 2024. In October, the city reached an all-time high with more than 20,000 transactions worth a total of Dh60.5 billion ($16.47 billion).
The market continues to attract global investors, particularly from the United Kingdom, Eastern Asia, and the United States, fueling demand in exclusive areas like Hills Grove.
Despite the surge in transactions, supply remains tight at the high end, ensuring that properties in prime locations command record-breaking prices.
With these developments, it is clear that Dubai’s luxury real estate market is showing no signs of slowing down, as more HNWIs and UHNWIs flock to the city for its unparalleled blend of luxury living, investment opportunities, and global connectivity.