Emirates Hills, a neighborhood synonymous with Dubai's super elite
Yet it’s the top end that’s attracting the most competition. Emirates Hills, the area synonymous with Dubai’s super-elite, has been significantly oversubscribed since the pandemic sent demand soaring, according to Leigh Borg, executive partner at Sotheby’s International Realty. “Dubai has always attracted millionaires and billionaires, but now they’re moving here full-time and want the biggest and best homes,” said Borg, who has sold 10 properties in the area this year alone for a combined Dh420 million. He noted that valuations in Emirates Hills were at an all-time high, while fewer than 5% of the more than 600 properties were actually for sale. His listings include a solar-powered, eco-friendly contemporary villa on Emirates Hills’ most exclusive street, priced at Dh349 million.
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Emirates Hills Dubai's Super Elite Neighborhood
“That’s what the new wave of buyers are looking for: a turnkey solution that’s ready to move in,” he said. However, older villas that can be renovated are also popular, with their values having doubled since the pandemic, and can sell for Dh110 million or more. The surge in demand from the wealthiest buyers has convinced Dubai’s largest private developer Damac to switch to luxury offerings. Hussain Sajwani, a director, caught the shift last year when homes in the new Cavalli Tower were snapped up for Dh20 million, with the penthouse selling for more than three times that price. He said he expects properties in his area to sell for Dh110 million. However, it’s the top end that attracts the most competition. "Dubai has always attracted millionaires and billionaires, but now they are moving here full-time and want the biggest and best homes," said Borg, who has sold 10 properties in the area this year alone for a total of Dh420 million.
Homes in the new Cavalli Tower have been snapped up for Dh20 million, with the penthouse selling for more than three times its value
He noted that valuations in Emirates Hills were at an all-time high, while fewer than 5% of the more than 600 properties were actually for sale. His listings include a green, modern solar-powered villa on the most exclusive street in Emirates Hills, priced at Dh349 million. “This is what the new wave of buyers are looking for: a turnkey solution that’s ready to move in,” he said. However, older villas that can be renovated are also popular, with their values doubling since the pandemic, and can sell for Dh110 million or more. The surge in demand from the wealthiest buyers has convinced Dubai’s largest private developer, Damac, to shift to luxury offerings. Hussain Sajwani, its chief executive, picked up the slack last year when homes in the new Cavalli Tower were snapped up for Dh20 million, with the penthouse selling for more than three times that price.
