The softening in Dubai’s real estate market has been happening for a couple of years now but perhaps the biggest indicator of a shift would come in Emirates Hills. Often billed as the emirate’s premier neighbourhood, it is known for its eye-wateringly high price tags, which is why a villa available for less than Dh20 million is a steal deal.
Gregory Lewis, a senior negotiator with Knight Frank, the estate agent marketing the property, says the six-bedroom home is the first in the area he has seen under that price in the past five years.
But don’t get your hopes too high. Despite being the cheapest villa on the block, this property in Sector W is still on the market for a cool Dh19.9m.
For those that have not ambled through its leafy thoroughfares, Emirates Hills is similar to Beverly Hills in California, with agents referring to it as a “super-prime location”. It is located between two golf courses and offers long driveways and large, private gardens.
From the outside, the villa – spread across 8,800 square feet on a plot of 16,750 square feet – masquerades as a Regency period offering, complete with fountains, one can easily picture in one of London’s parks. That old-money ambience is through out the house with Italian marble floors, thick mahogany staircases and a black slate floor on a Regency styled kitchen replete with Miele fixtures.
The five reception rooms include a study/library with a wooden floor to offer a studious atmosphere, a games room, majlis and formal dining room.
Of the villa’s six bedrooms, four have en suite bathrooms.
The private swimming pool, roof terrace and outside majlis area in European style.
Added extras include two solar-powered domestic water heaters, automatic irrigation for the garden, electric gates at the entrance of the driveway, covered parking for up to five cars, three utility rooms, staff accommodation and views of Dubai Marina as well as the local community.
Mr Lewis adds: “This is a hugely rare property being below Dh20m.”
Q&A
Wow, a bargain in Emirates Hills. Has the property market fallen that far?
This is a bargain because it is the first property, within Emirates Hills security, that I have seen in five years under Dh20 million. However, the bargain isn’t necessarily because of the state of the property market, it is because of the location in Emirates Hills. The villas in the Hills generally have lake views or golf course views and this has neither, so it has to be priced accordingly.
So who would buy this property?
The property is perfect for those that want the Emirates Hills postcode but are working to a budget. The neighbourhood itself has shown a remarkable resilience because it caters to those in a price bracket that can afford not to compromise.
So there are Emirates Hills residents that work to a budget?
We have had seven or eight viewings in the 10 days since listing the property; that is the same number you get for a single bed in Marina. Half of those viewings are people that will be borrowing on the property, which of course inhibits the price they can go up to. It can also be sold fully furnished and has solar panels on the roof to heat the pool in winter and the plot size is massive compared to the Meadows or other big villa neighbourhoods. But, it’s not as impressive when you compare it to some of the next door neighbours.
Wow, a bargain in Emirates Hills. Has the property market fallen that far?
This is a bargain because it is the first property, within Emirates Hills security, that I have seen in five years under Dh20 million. However, the bargain isn’t necessarily because of the state of the property market, it is because of the location in Emirates Hills. The villas in the Hills generally have lake views or golf course views and this has neither, so it has to be priced accordingly.
So who would buy this property?
The property is perfect for those that want the Emirates Hills postcode but are working to a budget. The neighbourhood itself has shown a remarkable resilience because it caters to those in a price bracket that can afford not to compromise.
So there are Emirates Hills residents that work to a budget?
We have had seven or eight viewings in the 10 days since listing the property; that is the same number you get for a single bed in Marina. Half of those viewings are people that will be borrowing on the property, which of course inhibits the price they can go up to. It can also be sold fully furnished and has solar panels on the roof to heat the pool in winter and the plot size is massive compared to the Meadows or other big villa neighbourhoods. But it’s not as impressive when you compare it to some of the next-door neighbours.
ascott@thenational.ae
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