I would personally like to congratulate the new owner of L45 who has paid a princely sum of AED 210m for a quite outstanding villa set on a beautiful plot with fabulous views.
The 3rd Quarter of 2022 is historically a little quieter than the other parts of the year but unsurprisingly this year we have seen an active Q3 largely due to an influx of “Russian” money entering the market.
There is no doubt that this stunning villa would have sold anyway but in all honesty nobody would have predicted it selling for this amount.
Take a quick look at these beautiful pictures and then we can discuss the market forces behind how it achieved such a high price.
L45 Emirates Hills – Contemporary Styled Architecture
L45 Emirates Hills – Grand Staircase
L45 Emirates Hills – Entertaining Room
L45 Emirates Hills - Outside
L45 Emirates Hills – Pool
The Moscow Effect
Since February 2022 when the Russian - Ukraine war started we have seen an incredible amount of money enter the Dubai real estate market. I like to call it the “ Moscow Effect” but in reality the money is coming in from farther afield than just Moscow as we are seeing many of the Baltic states look to find a safe haven for their money.
Dubai has provided this safe haven and in addition has drastically amended its visa and residency law so as to make Dubai a very attractive place to both invest and take up residency.
There have been several big sales over the past few months and it is not just Emirates Hills that has benefitted.
The Palm Jumeirah and Dubai Hills developments have been just as busy with record sales also recorded. We have listed a villa for AED450 on the Palm Jumeirah and one recently sold for AED305.
It really is unprecedented times for Dubai real estate and we will have to see how much further the prices rise as history tells us that it cannot go on forever even though right now it seems like it will.