An $27.2m (AED100m) villa in Dubai’s luxury community Emirates Hills has been sold in what is believed to be a record-breaking deal and the highest property transaction for the area.
Spanning across 42,000 square feet, the intricately-designed villa features eight en-suite bedrooms and entertainment areas.
It was sold by luxury real estate firm Gulf Sotheby’s International Realty (GSIR) alongside its partner Bellevue.
The property transaction took as long as 18 months to close, according to GSIR.
“We understand the real estate market is cyclical. There are buyers in the market who look for properties of this prominence,” said Leigh Williamson, associate at Gulf Sotheby’s International Realty.
“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,” he added.
While there are buyers looking for ultra-high-end properties, Williamson said sellers need to remain realistic in terms of pricing and timing.
“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. Then, they must be ready to sell when a good offer comes in as buyers for these types of properties are not only hard to find, they are also generally harder to please,” he said.