Dubai’s ultra-luxury real estate sector has hit another remarkable milestone with the sale of a stunning nine-bedroom mansion for a record Dh200 million.
This sale, conducted by Dubai Sotheby’s International Realty, surpasses the previous record set just two months ago when a property in the same area sold for Dh145 million.
The mansion, located in the exclusive Hills Grove community within Dubai Hills Estate, spans over an impressive 37,700 square feet of private land. It is a true architectural masterpiece, spread across four levels, featuring a rooftop terrace, a basement, and panoramic views of the Dubai skyline, including the iconic Burj Khalifa.
Notable features of the estate include a private garden and an extraordinary boomerang-shaped swimming pool that adds a unique touch to this luxurious property.
'Street of Dreams'
Hills Grove is one of only two highly coveted enclaves in Dubai Hills Estate, home to just 26 luxury residences that line a single street. Known as the ‘Street of Dreams,’ this neighbourhood is surrounded by lush golf courses and tranquil lakes, making it an ideal location for high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs). The scarcity of properties in this exclusive area has only added to its allure, with buyers constantly seeking to secure a home in this sought-after location.
Renit Shah, Senior Global Property Consultant at Dubai Sotheby’s International Realty, remarked on the continuous rise in demand for properties in the area, stating: "Hills Grove and Hills View have set the bar for luxurious living in Dubai. With limited properties available, this record sale is a reflection of the area’s growing appeal among the city’s elite."
Dubai’s Real Estate market
The transaction further underscores the rapid evolution of Dubai’s real estate market, which continues to attract global attention. In October 2024, Dubai’s property market reached an all-time high, with over 20,000 transactions worth a staggering Dh60.5 billion ($16.47 billion). As demand for high-end properties continues to rise, particularly from buyers in the United Kingdom, Eastern Asia, and the United States, areas like Hills Grove are positioned to see their value increase significantly.
George Azar, Chairman and CEO of Dubai Sotheby’s International Realty, expressed pride in the record sale, noting, "This achievement reinforces Dubai’s global appeal and our strategic vision. By consistently setting new benchmarks, we are shaping the future of Dubai’s luxury real estate market."
Hills Grove’s allure is only expected to grow as Dubai’s property market remains a magnet for international investors. Despite the increase in new home handovers in Q3 2024, the luxury real estate market remains tight, with demand outpacing supply. With its limited availability and unmatched location, Hills Grove is set to continue commanding premium prices, ensuring its place at the forefront of Dubai’s luxury real estate market.