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Dubai garden villa sells for a record Dh67 million

Six-bedroom, 10,000 square-foot mansion at Palm Jumeirah sold to British national

Dubai luxury property sector witnessed another high-value deal.

An exceptionally well designed garden home villa at Palm Jumeirah sold for a record-breaking price of Dh67 million in a single sitting to a British high net worth individual.

This makes the DHB villa the most expensive garden home villa sold on the palm.

The six-bed room property comprising of 10,000 square foot is designed by one of the top architects in the region, Naga Architects and built by DHB Properties. The Japanese inspired Zen Garden, Koi fish pond at the heart of the luxury property, a pool at the ground level as well as a lap pool at the top level adjoining the master bedroom are some of the key features of the new property located at Palm Jumeirah’s Frond G, which is now considered billionaire’s row of the Middle East.

“A play on glass and water creates a movement of lights and shadows as day moves into night. Floor-to-ceiling glass infrastructure ensures that all spaces are flooded in natural light with views of the sea from almost every part of the house,” said Riad Gohar, partner at BlackOak Real Estate.

Record breaking garden villa

BlackOak is a new generation of real estate agency taking on the traditional larger players, with an exceptional business model and leadership. It has created a very professional institutional type retail brokerage platform by investing in a team of high-calibre agents trained in real estate sales, investments, finance and markets.

“BlackOak was proud to work with DHB and Naga Architects to list such a spectacular villa on the palm. The attention to detail and the passion of the architect is truly visible when walking through the villa,” said Imran Sheikh, founder and CEO of BlackOak Real Estate.

Sheikh attributes the credit of selling one of the most expensive and record breaking garden villa to his partner Riad Gohar who clinched the deal in a single viewing with the British buyer.

“Riad is a leader in the real estate industry with 18+ years of entrepreneurial experience, and takes a special focus on the luxury sector where he has transacted over $1 billion worth of properties,” Sheikh said.

Targeting niche market

Gohar said the villa has been developed by DHB Properties, a developer focused on the niche market of luxury living and innovative living experiences. The designs are by Naga Architects spearheaded by Dr Shams Naga.

“The villa is unique both in terms of the style and the quality it has been built to. The buyer was looking for a villa for a few months at a lower price point, but when he saw the DHB villa, he immediately confirmed the villa as there was nothing comparable in the market,” he said.

“Some of the finest brands from Europe, USA and further afield have been sourced to furnish and equip the villa, all hand selected by the designer Naga architects,” he said.

“The Dubai luxury property market has generated a significant interest and activity this year. There have been record breaking transactions in terms of value and price per square foot,” Gohar said.

Lack of high-end luxury products

With the migration of HNWI and UNWI’s to the UAE, Sheikh said the luxury market has plenty of steam as there is a lack of high-end luxury products.

“Areas such as Palm Jumeriah, Dubai Hills, District 1, etc are seeing great demand for villas whereas Dubai Marina, Palm Jumeirah and Downtown/Business Bay for apartments,” he said.

Sheikh, a veteran of the real estate industry in the UAE for the last 15 years, is working with large family offices and institutions and has transacted more than $2.5 billion worth of real estate.

In reply to a question, he said prime properties in Dubai have bright prospects and it will continue to attract millionaires, high net worth individuals and investors.

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Dubai: Luxury property set to double its market share in 2022

High net worth individuals, millionaires and entrepreneurs will drive growth in luxury property market

 Dubai’s luxury property market will continue to rise in the second half of the year as limited stock of prime and ultra-prime residential units are unable to cater to the rising demand from both end-users and foreign buyers, experts say.
Industry specialists, analysts and market experts said the demand for prime and ultra-prime properties in Dubai is on the rise since the beginning of the year as high net worth individuals (HNWIs), millionaires and entrepreneurs looking to relocate or buy a secondary home in Dubai.
Referring to the recent report, they said 4,000 HNWIs are expected to relocate to the UAE this year as the country demonstrated its ability in managing the Covid-19 pandemic, successfully hosting Expo 2020 Dubai, offering excellent connectivity and 100 per cent foreign ownership of companies and introducing range of visa reforms.
They further said the Russia-Ukraine conflict is also drawing liquidity and investments into Dubai from the affected regions.
Luxury a resilient segment
Prathyusha Gurrapu, head of Research and Advisory at real estate consultancy Core, said the prime and ultra-prime residential market has been relatively resilient compared to the affordable and mid-market segment during 2014-2020.
“We have observed a marked increase in demand for prime residential properties since fourth quarter of 2020. In fact, 2021 saw the highest secondary market transactions above Dh10 million in the last decade, with Palm Jumeirah accounting for nearly 35 per cent of these transactions,” Gurrapu said.
“This trend of robust demand for prime residential continues in the first quarter of 2022, with prime transaction volumes above Dh10 million being 140.2 per cent higher than the same quarter of 2021,” she said.

Elaborating, she said about 483 deals above Dh10 million were signed during the January-March quarter this year compared to 201 in the same quarter last year.
“Villa transactions exceeded apartments as 305 villas and 178 apartments were sold in first quarter of 2022 compared to 150 villas and 51 apartments in the same quarter last year as the demand for the luxury market is stemming from both end-users and overseas investors,” Gurrapu told
Khaleej Times
While prime residential prices are well near 2014 prices, many buyers are largely agnostic to historical pricing and find Dubai prime waterfront property to be competitively priced compared to most global cities, according to Core’sfirst-quarter report.
Tight supply for luxury properties
With very high transaction volumes compared to previous years and the ready stock in this segment taken up by HNWIs, the lack of inventory in the secondary market has pushed more interest toward the prime off-plan market. Recent launches in the high-end market are reflecting this trend and have seen strong absorption, it added.
The report further said the prime market is witnessing a record number of transactions, it still forms a small fraction of the overall Dubai market — a similar scenario seen in most global housing markets. However, experts said the luxury property market is expected to double its share this year due to an influx of investors showing interest in the segment.
“To give perspective, transactions above Dh10 million formed only 3.3 per cent of all the secondary market transactions and 1.4 per cent of all the off-plan market transactions over Q1 2022,” according to a Core report.
Luxury has a bright future
Imran Sheikh, founder and CEO of BlackOak Real Estate, said prime and ultra-prime property hold bright futures due to rising demand from foreign buyers.
“We see strong demand and the trend to continue as more high profile and HNWIs move to the region. As the supply of good quality, well-designed, modern state-of-the-art properties is limited, the demand will outstrip the supply in the short term,” Sheikh said.
H2 to see more deals
Ata Shobeiry, chief executive, of Zoom Property, said the significant figures produced by the luxury property sector in 2021 and the first half of 2022 have garnered the interest of investors, which will play a key role in the growth of this market in the second half.
“With more developments featuring high-end properties backed by ultra-modern amenities, we can expect the second half of the year to produce even better figures,” Shobeiry told .
In reply to a question, he said the luxury property sector has been attracting investors and HNWIs equally. However, with reformed visa rules set to be implemented in September 2022, “we will see more overseas investors” venturing into the market.
“As luxury properties are dominating the real estate sector, they will attempt to leverage the situation. This will play a positive role in sustaining the demand for luxury properties while benefiting the overall property market,” he said.
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