Record breaking deal of AED100m in Emirates Hills – Dubai
Gulf Sotheby’s International Realty sets $27mln record breaking deal in Emirates Hills Dubai
Left: Leigh Borg of Belleview Real Estate Broker and Leigh Williamson of Gulf Sotheby’s International Realty at Polo Homes, Arabian Ranches, ID 18083
Dubai – UAE – The GCC-based international luxury real estate firm, Gulf Sotheby’s International Realty, alongside its strategic partner,Belleview, recently closed the highest property transaction ever recorded for an Emirates Hills villa. The AED 100m villa spans across 42,000 square feet and houses eight en-suite bedrooms along with entertainment areas and is regarded as one of the most well-built and intricately designed luxury homes in Dubai.
Both the seller and agent appreciated that by entering into an exclusive sales agreement and by allowing a significant period of time to find the right buyer, the villa would be sold to the right person, at the right price. The property transaction was handled by two very well respected members of the agency and with the right team in place, the deal took 18 months to close.
“We understand the real estate market is cyclical,” said Leigh Williamson, Associate at Gulf Sotheby’s International Realty. “There are buyers in the market who look for properties of this prominence and as luxury real estate experts, it is our responsibility to advise our clients on when to buy and sell, especially when it comes to properties of this significance. Although, buyers are much harder to find due to the nature of these properties and the prices, it’s our job to make it happen. We know exactly who to look for when a property like this comes onto the market.”
Agents at Gulf Sotheby’s International Realty are aware that selling a luxury property of this stature requires perseverance, patience and trust. Pricing plays a crucial role as it needs to be correct and in correlation to the markets housing price.
“For the buyer, it was not just about the price, it was about the build quality and attention to detail that easily surpasses most luxury homes of this type in the city. While the materials and construction were of the highest quality and importance to the buyer, so was the quality of the maintenance. This particular home came with a full-time team of property management professionals who run the day to day functions of the house.”
Williamson concluded, “While there are buyers looking for ultra-high-end properties, sellers need to remain realistic in terms of pricing and timing. Properties like this villa rarely come on the market at the right time. When they do come on the market, sellers must be prepared to work with the agent to price the property at a level that the market will bear and invest the time to find the right buyer. Then, they must be ready to sell when a good offer comes in as buyers for these types of properties are not only hard to find, they are also generally harder to please.”
Gulf Sotheby’s International Realty has over 90 global property consultants and connects buyers to sellers globally. The real estate firm represents exclusive properties, luxury homes, and a multitude of prestigious development projects in the UAE and other major international metropoles.
Gulf Sotheby’s International Realty prides itself in upholding a name and franchise renowned for reverential heritage and years of expertise and successful sales of precious possessions and prestigious properties from around the world. Through its affiliation with Sotheby’s, one of the world’s largest brokers of fine and decorative arts, jewellery, real estate and collectibles, and Sotheby’s International Realty®, the most prestigious real estate brand (according to a survey conducted by The Luxury Institute), Gulf Sotheby’s International Realty collaborates with discerning clients and represents the most sought-after luxury properties and developments in the GCC. Gulf Sotheby’s International Realty’s membership in the global Sotheby’s International Realty® affiliate network empowers the firm to represent properties to its reputed connections and partners worldwide. The Sotheby’s International Realty network currently has approximately 20,000 sales associates located in approximately 880 offices in 70 countries and territories.
© Press Release 2017
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