A collection of ultra-prime villas has been launched in Dubai amid strong demand for luxury homes in the city.
The Elysian Mansions development is part of the Tilal Al Ghaf project, which is being developed by Majid Al Futtaim, and is located close to Dubai Sports City.
Marketed as “organic-luxe homes inspired by nature” and “inspired by Elysian Fields of Greek mythology”, the project features 92 villas available in a two-phase release, with 33 slated for launch in the first set.
Prices start from Dh18 million ($4.9m) and go up to Dh35m, depending on the size and layout, according to rates quoted at the sales centre.
The villas come with five or six bedrooms in Lagoonside, Hilltop and Park Lane layouts.
Amenities include multiple entertaining areas, spa and wellness spaces, a sky suite with roof terrace, an internal lift and an underground glass-encased car gallery with a capacity for six to eight vehicles.
They will also have a double-height interior courtyard garden. The basement area can be configured as an entertaining zone, as a man cave, or a spa, wellness or workout space.
“The launch of Elysian Mansions is in direct response to rising demand for exceptional homes in the ultra-prime villa segment, which will only intensify on the back of positive investor sentiment as Dubai’s economic recovery gathers pace,” said Hawazen Esber, chief executive, Majid Al Futtaim Communities.
“Prime real estate in Dubai remains affordable when compared to other global gateway cities. The current gap in supply and demand of ultra-prime properties in Dubai will fuel further price acceleration, coupled with the emirate being of increasing appeal to affluent investors seeking to move into a market where prime capital values show significant room for growth.”
The Dubai property market recorded its strongest start to a year yet in 2022, with 12,119 sales transactions to date, a report compiled by data platform Property Monitor has shown.
The market has recovered strongly from the coronavirus-induced slowdown on the back of government initiatives such as residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa programme.
Luxury home sales in Dubai also hit their highest last year since 2015, according to a report by property consultant Knight Frank.
Meanwhile, S&P Global Ratings said last week that property prices and rents in Dubai will continue to increase this year.
The overall Tilal Al Ghaf project, built over multiple phases with completion scheduled for 2027, will include more than 6,500 freehold homes ranging from flats and town houses to larger, luxury villas.
Homes will be arranged within four walkable neighbourhoods, with about 355,000 square metres of landscaped open areas including green spaces and play areas, 18 kilometres of walkable trails and 11 kilometres of cycling paths.
At the centre will be Lagoon Al Ghaf, a 70,000 square metre swimmable lagoon with a 120-metre private beach accessible to mansion owners only.
