Dubai’s Emirates Hills’ largest sale this year has gone for Dh102.8 million ($27.9 million). Myles Bush of Phoenix Homes sold the villa, which was described as the second most expensive sale in Emirates Hills to date. The property has a built-up area of more than 20,000 square feet and sits on a plot of 38,000 square feet. It has five bedrooms, a private theater, a swimming pool, and a gym, and it overlooks the Montgomerie Golf Club. A Maltese businessman sold it to an Indian entrepreneur. In the last year, Dubai’s top real estate market has exploded, and prices have gone up by about 60%.
The sale “underlines the positive growth trajectory we are seeing in local real estate,” said Mr. Bush, who closed deals for Dubai’s most expensive mansion in 2016, its largest land sale in 2017, and its largest residential lease in 2019. As a result of Phoenix Homes’ 80 percent commission plan, he will collect a seven-figure commission. The transaction follows the recent world record for the most expensive residential property sale in Dubai. Conor McKay of Belleview Real Estate sold a Palm Jumeirah home for Dh280 million. This broke real estate broker Chris Boswell’s previous record of Dh185 million for the Palm Jumeirah seaside castle sold in 2015.
This Dh280 million property is located on the Palm Jumeirah in Dubai. “It’s interesting to note that this year’s record-breaking sale also came from an agency which offers its brokers a similar 80 per cent commission model,” Mr. Bush said. “This is clearly the way forward for high-achieving agencies to attract the best talent.”
All Images by Phoenix Homes