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| 16 July, 2017

Villa deal in Dubai touches $27mln mark

Luxurious residential villas in Dubai, with tower blocks in the background. Image used for illustrative purpose.

Luxurious residential villas in Dubai, with tower blocks in the background. Image used for illustrative purpose.

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Just weeks after a villa at Emirates Hills went for AED90million, another at the same location has touched AED100 million.

16 July 2017
Super-prime Emirates Hills property finds a buyer after an 18-month process
By Staff report

Dubai: Just weeks after a villa at Emirates Hills went for Dh90 million, another at the same location has touched Dh100 million. The 42,000 square feet property features eight bedrooms, and the deal was closed by Gulf Sotheby’s International Realty along with its Bellevue. The process took up 18 months.

“There are buyers in the market who look for properties of this prominence and it is our responsibility to advise our clients on when to buy and sell, especially when it comes to properties of this significance,” said Leigh Williamson, Associate at Gulf Sotheby’s International Realty. “We know exactly who to look for when a property like this comes onto the market.”

By taking their time, the seller and estate agent appreciated that the property would be sold to the right person at the right price.

“While there are buyers looking for ultra-high-end properties, sellers need to remain realistic in terms of pricing and timing," said Williamson. "Properties like this villa rarely come on the market at the right time.

"When they do come on the market, sellers must be prepared to work with the agent to price the property at a level that the market will bear and invest the time to find the right buyer.

“For the buyer, it was not just about the price, it was about the build quality and attention to detail that easily surpasses most luxury homes of this type in the city. This particular home came with a full-time team of property management professionals who run the day to day functions of the house.”

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The buyer and seller details have not been revealed.

© Gulf News 2017