Most Expensive Villa Sells in an Enclave of Emirates Living

The continued boom in Dubai’s real estate market is proving to be especially beneficial for some of its older communities. For those home buyers who are coming into the city for the first time, an established neighborhood with well-defined infrastructure is an attractive prospect. Emirates Living is one such community that has seen a rise in demand recently – almost 20 years old now, it remains as popular as ever due to its ideal positioning in the center of the city and the plethora of amenities that it has to offer. It’s hardly surprising then that a villa in the Deema sub-community of Emirates Living recently sold for a record price.

The sale was brokered by Jamie Holland, a Private Client Advisor with high-end brokerage Luxury Property and a longstanding specialist in the Emirates Living enclave. The buyer, a European national, had been on a long and seemingly fruitless quest for a family home in Dubai. After just one viewing, he found that the five-bedroom villa in Deema ticked all the boxes for him. It didn’t take long to finalize the deal after that.

“This villa had been quite extensively upgraded by its previous owners,” says Jamie. “All of the bedrooms are en-suite, every design detail has been painstakingly put together, and it just had that ‘it factor’ that immediately drew my client to it. He was very eager to take ownership and the property was handed over in less than a month.”

According to Jamie, there is a growing niche for for fully turnkey properties where a buyer can move in without the need for any further modifications on their part. Given that property prices in Dubai have risen 20% year-on-year by the end of Q1 2024, buyers are hesitant about putting money down for a home only to spend even more on renovations and upgrades. They would much rather widen their search to find something that fits their exact requirements.

Mark Castley, CEO of Luxury Property, concurs, and believes that Emirates Living offers a value proposition few communities can match. “People are unable to find such a product anywhere else with such a location and developer track record like Emaar has. As such, the villas here are now able to command immense premiums, especially if they have the benefit of upgrades. We can expect to see further community records being broken in the near term.”

Some of the homeowners that Jamie is working with currently already see the benefits in renovating their homes; with just a little bit of additional investment, they can increase the value of their property immensely.

Emirates Living, a sprawling 52 million square-foot development in the heart of Dubai, was one of the first master planned residential communities to be built there. It was among a small handful of neighborhoods offering an alternative to the city’s towering skyscrapers and was the beginning of its transformation into a long-term destination for families. Emirates Living is divided into three major enclaves – The Lakes, Meadows and Springs – which are further broken up into sub-communities. Deema is one of the sub-communities of The Lakes. In recent years, the neighborhood has been a hotspot for investors who want to renovate and flip, and many of those renovated properties are now coming to the market. Jamie expects prices in Emirates Living to continue rising at a gradual pace over the course of the year with a steady flow of transactions.

Disclaimer: This press release presents expectations and predictions for the Dubai real estate market that is based on past and current trends. Actual market performance could be quite different from what is speculated in the release. Before making any decisions regarding property purchases in Dubai, we would strongly advise that you speak with a licensed and knowledgeable realtor – such as any member of our Private Client Advisory team – to get an accurate assessment of current market conditions and trends.

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Country: United Arab Emirates