Luxhabitat Sotheby's sold a mansion in Emirates Hills for AED 75 million
Words by Aneesha Rai in The Market · Mar 21st, 2022
As the leading purveyors of luxury real estate in Dubai, Luxhabitat Sotheby's has sold a brand new uber luxury mansion in Emirates Hills that just sold for 75 million AED. This comes on the heels of their record-breaking figures of a total worth 750 million AED of sales transactions in 2021.
Leigh Borg, Managing Director at Luxhabitat Sotheby's International Realty who closed the transaction also bears the record for Top 1 & 2 sales ever in Emirates Hills (both at over AED 100 million), said “Emirates Hills is back on the map with record high prices of the properties due to more demand and limited availability making it true to its nickname as the 'Beverly Hills of Dubai'.” Borg has sold and transferred properties worth AED 257 million and has been the top agent in Emirates Hills on volume of sales transactions and value for the last 4 years consecutively.
The well-known neighborhood continues to see high demand from high-net worth individuals and international buyers across Germany, Switzerland, France, Russia, Italy, India & GCC. International buyers see Dubai as a safe & stable economy to buy into particularly when it comes to investing in the large value assets available in areas like Emirates Hills, Palm Jumeirah, Al Barari and Jumeirah Bay Island.
The exquisite mansion was sold in 2021 and re-sold in 2022 by Leigh Borg himself. It has been designed by world-class architects KOBI KARP and is one of the most lavish villas in Dubai with a 30,000 sq.ft. of built-up area. From the magnificent chandelier with over 500 hand-blown glass spheres and crystal butterflies designed and executed by ‘Preciosa’ to the 50-year-old Bonsai tree in the atrium, every detail of the mansion was planned and executed by top-notch designers with high-class finishes, handcrafted materials, and custom-made furnishings, making it well worth the high price tag.
"Due to high demand, some sellers are highly invested in refurbishing or in some cases completely demolishing and rebuilding properties to meet the requirements on the latest high net worth buyers. These properties once ready will all be top transactions properties in the luxury residential sector as Emirates Hills still commands the spot as the most luxurious and coveted neighborhood in Dubai”, he added.
The strong beginning for 2022 has been heavily influenced by the soaring demand in the ultra-high-end property segment from high-end buyers honing in on lucrative secondary markets. Over 13 Emirates Hills villa has been sold in 2022 so far, with a total volume of AED 458.5 million & an average transaction price of AED 35.2 million.