There is no doubt the UAE is home to some spectacular properties. From penthouse apartments to plush villas with sprawling gardens and incredible pools, it’s a real estate haven.
Each week, The National showcases some of the finest homes on offer in its Property of the Week. Here, we take a closer look at a sprawling mansion in Dubai's high-end Emirates Hills community.
The key details
This palatial seven-bedroom home is located in the prestigious Emirates Hills community in the heart of Dubai.
It is set on a 2,472-square-metre plot, with a built-up area of 1,858 square metres, and it comes with eight bathrooms, an indoor pool, a private steam room and a spacious basement.
The property is on the market for Dh48 million.
What's the story?
The word palatial can be overused in property listings, but it certainly applies to this Emirates Hills mansion.
As you walk through the downstairs, you will see ceilings dripping with chandeliers, lavish wallpaper and marble finishes.
If you're looking for a home to keep you busy, thanks to the indoor pool, spa facilities and a private cinema on site, you need never leave.
A domed ceiling entrance leads on to a spacious formal living room and adjacent dining room, both finished with custom-made revolving chandeliers.
The grandeur of this villa is clear throughout. There are eight en-suite bedrooms to choose between, many of which have a golf course views. The property also has a music room, formal and informal dining areas, and leisure facilities.
The home's different levels can be accessed by stairs or via its lift. There is an underground basement, which features a vault room and a plush home cinema.
Outside, the property comes into its own, with manicured gardens, a courtyard with a fountain, a barbecue area and serene pond. The property also boasts an indoor pool, ensuring temperate swimming conditions year-round, as well as a personal steam room and spacious Jacuzzi.
The property is being sold furnished and, within the community, owners will have access to communal walking trails, gardens and parks, and cycling tracks, as well as the nearby golf club and clubhouse facilities.
What the broker says ...
What makes the property stand out?
Most villas in Emirates Hills have pools outdoors, however, this villa has an indoor pool. It also has a self-contained garden room.
Do properties personalised to this level come on to the market often?
A lot of villas in Emirates Hills are owner-occupied and the owners are very discerning, therefore many of them are sold offline.
Has the recent surge in prices affected the price of this property?
No, there has been no effect. The sales price of this property remained the same.
How has the coronavirus pandemic affected UAE property prices?
The good response from the UAE federal government in fighting the pandemic has led the public, residents and buyers worldwide to realise that Dubai is the place one should be living, as a result of which, people tend to buy properties in Dubai. This led to an increase in sales prices in the past six months as demand is rising.
Why is this part of Dubai so popular with prospective buyers?
Emirates Hills is Emaar’s flagship community. The name itself is world renowned because it's a reference to Beverly Hills. The properties in Emirates Hills are individual and unique and each one offers the discerning buyer the flexibility of owning a luxurious executive home.
Mario Volpi, Sales Manager at Engel & Volkers Market Centre Dubai, engelvoelkers.com
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Results
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UAE%20SQUAD
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The specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
UAE currency: the story behind the money in your pockets
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
Fresh faces in UAE side
Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.
Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.
Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.
Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.
Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.
