A villa that sold for more than Dh100 million ($27m) topped the list of the most expensive property deals in Dubai Hills Estate, according to Luxhabitat Sotheby’s.
The property deal, a resale transaction, set a record as it took less than a month to close, the agency said. The property was on the market for Dh115m but Luxhabitat Sotheby did not disclose the exact selling price or the name of the buyer.
The custom-built home in Dubai Hills Grove is one of the largest mansions in the development, with a built-up area of 31,296 square feet (2,907 square metres) on a 37,000-square-foot plot.
It has seven bedrooms, eight bathrooms, a cellar, swimming pool and sprawling basement.
On the ground floor, the living areas connect with the external spaces through tall, glazed bi-fold doors that open out into the gardens, as well as on to the terrace and pool.
The top floor features living and bedroom areas, with ornate en suite bedrooms. The basement houses the cellar, a sleek bar, snug movie area and casino-style table.
Dubai Hills Grove is a villa community on the Street of Dreams in Mohammed bin Rashid City. Homes are offered shell and core, and owners can customise villas according to their preferences.
Property sales transactions in Dubai hit a 12-year high in July, with the emirate registering 4,384 sales deals worth Dh11.18 billion, according to listings portal Property Finder. Demand for luxury properties, particularly in the residential sector, has also boomed, according to EFG Hermes.
Luxury home sales in July jumped 360 per cent year on year to Dh2.68bn.
Palm Jumeirah had the best annual price performance, rising to Dh2,143 a square foot in July 2021, from Dh1,268 in July 2020, according to EFG.
The worst-performing area in terms of price was Motor City, where annual prices in July fell to Dh677 a square foot from Dh1,244.