In a landmark transaction that underscores the strength of Dubai’s ultra-luxury real estate market, a nine-bedroom mansion in the prestigious Hills Grove, Dubai Hills Estate, has been sold for a staggering Dh200 million. This sale has set a new record in the city, surpassing the previous high of Dh145 million achieved just two months ago.
Property Details:
- Location: The mansion is located in Hills Grove, known as the 'Street of Dreams,' which houses 26 exclusive residences along a single street. This area is renowned for its scenic views of a golf course and picturesque lakes, contributing to its allure among high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs).
- Size and Features: The property sprawls over a 37,700+ sq ft plot and includes four levels, featuring a rooftop terrace and a basement. The mansion boasts a large private garden and a distinctive boomerang-shaped swimming pool. It offers panoramic views of the golf course, the Downtown Dubai skyline, and the iconic Burj Khalifa.
- Furnishings: The mansion comes fully furnished, equipped with high-end amenities and luxury finishes that cater to the most discerning tastes.
Market Impact: George Azar, Chairman and CEO of Dubai Sotheby’s International Realty, which represented both the buyer and the seller, highlighted the significance of this sale. "This record-breaking sale is a testament to Dubai’s global appeal and our team’s strategic vision," Azar commented. "By consistently setting new benchmarks, we are shaping Dubai’s super-prime real estate market and solidifying our position as a trusted partner for high-net-worth and ultra-high-net-worth individuals."
Renit Shah, the senior global property consultant who acted for the buyer, noted that Dubai Hills Estate has lived up to its promise as a premier destination for the city’s elite. "Hills View and Hills Grove showcase some of Dubai’s most exquisite homes, making new pricing benchmarks inevitable," Shah said.
Market Trends: In October 2024, Dubai’s property market recorded an all-time high with over 20,000 transactions totaling Dh60.5 billion ($16.47 billion). The city continues to attract global high-net-worth individuals, particularly from the United Kingdom, Eastern Asia, and the United States. Despite a 50 percent increase in new home handovers in the third quarter of 2024, supply remains tight at the high end, allowing areas like Hills Grove to command premium prices.
This sale not only reflects the vibrant dynamics of Dubai's luxury property market but also signals the city's continued appeal as a magnet for global wealth, combining luxury living with exceptional investment opportunities.
