Dubai’s villa fetches record $28 million, highest this year

Dubai-based Phoenix Homes has sold a villa in the community for a record $28 million in the prestigious Emirates Hills development – the highest value deal of this year, and the second highest ever sale value in the community.

Myles Bush, a founding partner in the company and one of Dubai’s most lauded and experienced property experts, sealed the deal.

He said: “This is another notch in my career progression. I was behind the largest villa sale of 2017, the largest lease ever recorded in 2018, and the largest land sale of 2019. I have worked with the seller before, and both parties were wonderful people to deal with. We have no doubt that future business will be done with both parties.”

“This sale underlines the positive growth trajectory we are seeing in local real estate – and also serves to cement Phoenix Homes’ reputation as one of the top agencies in the city’s vibrant luxury segment,” he added.

Sold by a Maltese businessman to an Indian entrepreneur, the villa has a plot of some 38,000 sft, typical of the prestigious, exclusive gated community’s property offerings.

Emirates Hills is one of the Dubai’s most well-established and upmarket neighbourhoods, featuring an array of unique, mansion-esque villas situated on leafy streets surrounding the Montgomerie Golf Club.

Sprawling Mansion

The sprawling mansion sold by Bush has a built-up area of more than 20,000 sft and backs onto the golf course. The property features floor-to-ceiling windows, five huge bedrooms, a private cinema, a swimming pool and a gym.

Phoenix Homes is a new hybrid estate agency which is already taking the market by storm, after launching just a year ago, in May 2021.

With a view to shaking up the stale status quo, Phoenix Homes offers experienced brokers complete freedom to work when how and where they like, with an 80% commission model. This extraordinary model goes against the regional norm – splitting commission 50/50 between the agent and the agency. Myles will receive a hefty 7-figure commission for his latest sale deal.

“It’s interesting to note that this year’s record-breaking sale also came from an agency which offered its brokers a similar 80% commission model,” noted Bush, adding that: “this is clearly the way forwards for high-achieving agencies to attract the best talent.”

And while some US models charge brokers for desks and marketing, Phoenix offers workspace for those who want it, and leaves each broker to decide if they want to contribute to marketing of their property portfolio.

Phoenix Homes has 18 highly experienced, mature brokers, a professional admin team and a 3,000 sft office in Barsha Heights.

Given the experience of Myles and his partners – both long term friends and fellow real estate brokers – the company carries clout in the local markets – underlined by this record-breaking deal.

Phoenix Homes offers sales and lettings of both residential and commercial properties in Dubai and Abu Dhabi, and plans to swiftly open a UK office to assist in international property negotiations.