Dh11m Dubai villa with theatre in basement and personal lift

The villa is set out over three levels: with a basement featuring a home theatre; four reception rooms, a family and service kitchen and two bedrooms on the ground floor, and a further five bedrooms on the first floor. For those who dislike climbing the stairs, a personal lift can take the strain.

The 99 villas will bring the total number of villas at Al Barari to 319. It has five residential segments: The Nest, Ashjar, Seventh Heaven, The Reserve and The Residences.

In keeping with its nature theme, the development at times holds events such as a pop-up farmers' market in March.

Q&A

Why is the villa on the market for a reduced price?

“For no other reason than the vendor is very motivated to sell,” says Kati Moghaddam from Ocean View Real Estate.

So what would be the usual price for a villa of this size in Al Barari?

The average price for a D type villa is about Dh15 million. There are some properties at Dh13.5m.

How much have the sales and rental yields changed in the first quarter of this year?

Villa sales dipped 1 per cent, compared to the previous quarter, while rental rates remained unchanged, according to the consultancy JLL's report. "This downwards trend is expected to continue throughout [this year], as we foresee prices dropping up to 10 per cent by year-end." Are luxury homes still the favoured trend for the Dubai property market?

Analysts forecast a shift towards more affordable housing geared towards end-users and middle-income earners. The Dubai-based developer Nshama's Town Square project comprises two phases: Zahra and Hayat. These consist of town houses and apartments priced at Dh600 per square foot near the Arabian Ranches. If the Dubai Municipality proposal comes into force, all new residential developments will feature a certain percentage of affordable housing. The agency has also identified about 100 hectares of land for affordable housing projects.

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.