Business
Sneak peek into Dubai villa sold for Dh102.8m in Emirates Hills
Headline staff
Dubai: Phoenix Homes has brokered a deal for a villa in the Emirates Hills community for a price of Dh102.8 million – the highest value deal in the community this year. It is also the second highest ever sale value for the area.
Myles Bush, a founding partner in the company and an experienced property expert, sealed the deal between the seller from Malta and the buyer, an Indian.
The villa is on a plot of some 38,000 square feet, typical of the prestigious, exclusive gated community’s property
offerings. Emirates Hills is one of the city’s most well-established and upmarket neighbourhoods, featuring an array of unique, mansion-esque villas situated on leafy streets surrounding the Montgomerie Golf Club.
The sprawling mansion has a built-up area of more than 20,000 square feet, 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.
“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.”
It also helped that Bush has a track record for big deals in the community as well as familiarity with the seller. “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’ve 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.”
Myles and the team have another reason to celebrate as the sale was concluded on the company’s first anniversary. Phoenix Homes claims to give its team of 18 experienced brokers complete freedom to work 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. 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.
Operating from a 3,000 square feet office in Barsha Heights with an admin team, the company carries clout in the local markets – underlined by this record-breaking deal.
Brokers joining the agency can choose to spend some of their commission on promoting their portfolio on Phoenix Homes’ channels if they wish. They can also promote their properties via whichever methods they know work best for them, without paying money into the firm.
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.
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