Question: what could possibly be better than owning a huge villa in Dubai?
Answer: Owning two huge villas, of course.
In a peculiarly Dubai twist to the “buy one get one free” promotion, this 24,000 square feet property in Dubai’s lush Al Barari neighbourhood is being sold with an additional 17,000 sq ft home opposite.
But it’s certainly not a two-for-one deal. With a total of seven bedrooms in the master villa and another six bedrooms in the second villa, the package is on the market for an eye-watering Dh60 million.
“These villas would suit someone like a rich Saudi who wants to use the second villa for either his extended family or for guests,” says Christoph Engels, the chief operating officer at the estate agent Kensington Exclusive Properties, which is marketing the two villas.
However, with the second villa currently rented out for Dh750,000 a year, Mr Engels says the package could also appeal to investors, with the proceeds from the property across the street enough to cover both villas’ sizeable maintenance costs and provide a bit extra.
So what does Dh60m actually buy you? Well, the master villa has been upgraded and refurbished within an inch of its life. The place drips with the sort of crystal chandeliers, satin upholstery and gilt finishings one finds in five-star hotels.
Two downstairs bedrooms have been combined to form a large master suite with a walk-in dressing room and a separate spa room with massage table and sauna.
What was previously a maid’s room has been converted into a large children’s playroom and on the roof, the current owner has added a gym and entertainment room. Downstairs, as well as the opulent kitchen, dining rooms and lounges, the owner has added accommodation for two maids and a driver, all of whom currently live on the property and are happy to stay on when it is sold. The large garden also houses a 25-metre swimming pool.
And the second villa, while seeming modest in comparison, is also a sizeable piece of real estate including six en suite bedrooms, a huge kitchen, large dining room and sitting room as well as its own swimming pool.
Christoph Engels, the chief operating officer at the estate agent Kensington Exclusive Properties, tells Lucy Barnard more about the dual property offer at Al Barari:
Who is the seller?
The current owner originally owned four villas in Al Barari. He has sold two and wants to sell the final two before moving to Europe. He has owned the properties for two years.
What’s so good about these properties?
The owner is willing to sell the master villa fully furnished, so you could just turn up with a suitcase and move in. The current staff are happy to stay if their visas are transferred to the new owner and, although they are happy to move out when their tenancy ends, the current tenants would also be happy to stay.
How does this compare with Dubai’s most expensive properties?
We know that Dh60m is a lot, but if you compared that with some of the properties being marketed in Dubai, we think this looks like value for money. Omniyat is marketing the costliest penthouse at its project on the Palm at Dh200m, and the most expensive VIP penthouse at Habtoor Group’s Habtoor City is on the market for Dh209m. So for 41,000 sq ft of top-of-the-range property, you get a lot for your money here.
Aren’t house prices falling in Dubai?
Price falls have actually been flattening out for the past few months.The market is very hard to predict, but we think most people expect to see the market picking up by the start of next year.
lbarnard@thenational.ae
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