One of the most expensive residential real estate deals in Dubai has closed for AED100 million (US$27.226 million)—a sign, perhaps, that the emirate’s luxury market is perking up after years of price declines and stagnation.
The brokers attributed the record-breaking sale, which happened amid slow market conditions, to patience and expertise. The home took 18 months to sell. “Sellers need to remain realistic in terms of pricing and timing,” said Leigh Williamson, an associate at Sotheby’s International Realty. “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.”
The villa has eight bedrooms, each with their own bathroom, high-quality finishes and a full team of managers to run the day-to-day maintenance on the property, according to Gulf Sotheby’s International Realty and Belleview Real Estate Brokers, who co-listed the property.
Source Credit: Mansion Global
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