Autumn 2012
EmiratesHills PARK LIFE
BUYER INTEREST INCREASES
GEARING UP FOR A CLASSIC
LET’S GO GREEN
The children’s park in J Sector, which was
Enquiries are up in Emirates Hills since the begin-
Emirates Golf Club is the annual home to the
Located in the nearby Greens, the popular
being developed over the summer, is now
ning of September and, with property stock limit-
Dubai Desert Classic, which starts at the end of
Organic Foods and Café also serves resi-
finished with swings, slides and plenty of
ed, buyers will need to be decisive. In September
January. Keen amateur golfers can improve their
dents of the ‘Hills, with a home delivery ser-
shade. It looks lovely and is just in time for
we have already seen the sale of a villa on a
game with classes at the Academy, run by fully
vice that brings fresh, organic produce
the better weather.
40,000 sq ft plot in L Sector.
qualified PGA professionals.
straight to the front door.
Emirates Hills in Numbers
24
The number of hours a day (and night!) that security and maintenance are on
call. This means an unparallled feeling of safety and the reassurance that any unexpected problems can swiftly be resolved by the dedicated team.
30 1,836
The time in minutes it takes to reach Emirates Hills from Dubai
International Airport.
Average price per square
foot (BUA) for properties sold to date in Emirates Hills
18
The number of holes in the Montgomerie Golf Course,
designed by renowned golfing champion Colin Montgomerie and architect Desmond Muirhead.
2
The number of prestigious golf courses around Emirates Hills. The Montgomerie is one, while the Emirates
Moving in for the Long Term For one satisfied family, Emirates Hills has been home for nearly five years already. They plan to make their time there a lot longer
by Anne Martin
TJ Poursfar cannot easily ignore the first home that he and his family lived in when they moved to Emirates Hills – it is right next door to their present house, clearly visible. These two houses tell a story of how Emirates Hills has evolved over the past five years – and how one prescient investor has reaped the benefits. TJ is not, however, one of those investors who buys up a string of properties with the express intention of re-selling them. “I always buy houses to live in rather than to trade,” he says. “And we bought this plot so that we could build a real home for ourselves, just the way we wanted it.”
And yet, the family is about to move again, having just sold the house. “We didn’t plan to sell,” TJ laughs. “I just invited the agent over because I was curious what value would be put on it. A number was suggested and I said that if I ever I was going to sell I would ask a number that was slightly higher. Within days the agent called back and said ‘I have someone who wants to look – and they know the price you are asking.’ The couple came, walked through the house, asked a few questions and said ‘OK, we’ll take it; the price is fine and we want to move in as soon as possible.’” While the demand for houses in an increasingly well-established Emirates Hills has something to do with it, this very fast sale at the asking price is mostly due to the quality of the house itself. Four years in the making, its architecture and spaces are very well thoughtthrough and tremendous care – not to mention great taste – has been exercised in the choice of materials and quality of finishing. “The best thing about living right next door
is that I could stay on top of the contractors and make sure everything got done properly,” says TJ. “And the worst thing was that it was in front of my eyes 24/7. There was no escape.” So where next for the family? “It has to be Emirates Hills,” says TJ’s wife, Dessy. “We love the seclusion, and the feeling of being in a settled neighbourhood and surrounded by like-minded people who also want to live peacefully and not be bothered by anything.” TJ had already found a house, months before that visit from the agent – and it’s only two streets away. “I’m always looking at houses when I’m out walking. This one has an amazing view across a lake and right down one of the fairways – and it’s just a shell, so we can make changes to get it the way we want it. We need to rent for a year, but it will be worth it.” “That’s TJ; he can’t help himself,” says Dessy. “He loves architecture and having a ‘project’”. “Yes, but this next house will be ‘the one’ – that’s it,” says TJ. “For sure – or at least until the next one,” laughs Dessy.
WWW.LUXHABITAT. AE
Golf Club is the other. Both offer golf memberships with myriad benefits, as well as non-member amenities such as restaurants, bar and spa.
12,000
This is the starting size in
square feet of plots in Emirates Hills. They go up to a very expansive 58,000 square feet, allowing for a large garden
12.3
The area of Emirates Hills
in square kilometres. The area was built up by one developer, Emaar, who was the first to sell plots of land by the square foot. The design masterplan has ensured the neighbhourhood maintains a cohesive sense of space and structure.
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Autumn 2012
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Emirates Hills
Expert View SUZIE QURESHI Luxury Sales Specialist, Luxhabitat E: sq@luxhabitat.ae | T: +971 50 348 4421
Quality Wins Again Facing north, this property has both a garden and a roof terrace overlooking the golf course, with Dubai Marina in the distance. With seven en-suite bedrooms, the style and finishes are contemporary and elegant. Price on application. Property ref. 751
The grass is looking greener for property trends, with the market exhibiting positive signs of growth
It has been an interesting summer. Prices are starting to rise – and buyers can see that, when a good quality property comes on to the market, they need to be decisive, rather than wait. In June and July of this year, six sales were concluded for Emirates Hills and some activity continued even in the ‘dead’ month of August. One house still under construction, a 28,000 square-foot villa in E Sector overlooking the golf course, became the subject of a bidding war when a European buyer gazumped the original offer and eventually paid AED43 million. Below the psychological price threshold of Dhs20 million, some villas that had been languishing on the market for a while have all now sold. As soon as a buyer makes that first move, others follow – they are seeing the opportunity to get in to Emirates Hills at a value that stands up well against other areas in Dubai. Furthermore, as the overall economy has felt increasingly stable, people who missed out when prices were rocketing before 2009, don’t want to miss out again. Finance seems easier here, too, in terms of both rates and availability as lenders regain confidence. And that’s not as odd as it may sound: even some of the wealthy opt for finance in order to spread their capital. Overall activity has increased – as well as the usual sources such as Iran and India, we are seeing more money from Europe as people seek shelter from the threat of high taxes and other costs there. Some of the buyers see a property here as a good place to park some money for a few years – and, unless they choose to let it out, the house can be a nice holiday home for a few years. I wish there were more owners willing to let the properties they don’t live in, as de-
NO DISTRESS SIGNALS
With the economy stabilising, prices are edging up again – and buyers are becoming more decisive
In the past two months there has been a surge in enquiries from investors keen to pick up distressed sales of empty plots. However, they will have a long wait because there are no such plots. The few that have not yet been built on are generally vacant for complicated reasons of
mand outstrips availability. The cheapest rental currently available is a Signature villa at AED 550,000 per annum. The most expensive is a villa in V Sector, for which the owner is asking 2million – it’s a large house but that is too high. There’s really nothing available between those extremes. The important thing to understand about Emirates Hills is that it cannot be priced according to the usual rules. Because each house has been built for an individual, according to a particular set of requirements, its value is governed by its characteristics, not according to what anyone might think is ‘the market’. Although sellers are becoming more educated, we are still seeing some unreasonable asking prices in Emirates Hills – especially from owners who are not serious about selling. That’s unfortunate because it doesn’t help anyone: it skews the market, confuses buyers and gives other sellers unrealistic expectations. We have just listed a beautiful villa belonging to a prominent UAE-based businessman. Designed with great attention to detail by the owners, the property is modern with a touch of their Syrian heritage. The beautiful landscaped grounds have been personally maintained by the owner, who is a real garden-lover
The opulent interior of this fabulous 10-bedroom villa boasts vivid marble, dark wood and stained glass features along with dramatic
Suzie Qureshi was talking to Anne Martin
chandeliers. The garden overlooks the golf course and boasts a huge, inviting pool. Price on application. Property ref. 773
ownership or finance – effectively making them unavailable. Emaar has just taken three plots back from an owner and is offering them at the following prices: AED 977 per sq ft and 850 per sq ft (both in E Sector) and AED 1,062 per sq.ft (W Sector). At Luxhabitat we consider these prices to be very high.
Autumn 2012
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THE JOURNAL
NINETEEN CONTINUES TO SERVE UP GOURMET DINING BY THE GREENS It’s one of Dubai’s best-loved ‘well-kept secret’, but the secret has been out for a while. While its secluded location may make its path a less-trodden one by the city’s demanding gourmets, Nineteen at The Address Montgomerie is one of Dubai’s finest eateries. Indeed, its serene Owned by an interior designer, this large, contemporary villa is perfect for relaxed, modern living. Very European in style and finish, it offers great entertaining
location overlooking the 18th hole of the
spaces and indoor-outdoor flow. The10,500 sq ft (975 sq.m) space includes four large bedroom suites and a yoga studio. Price on application. Property ref.227
golf course and the lakes is one of its great assets and when it first opened in 2002, it was the recipient of numerous awards from the city’s fooderati. Fortunately for the discerning residents of Emirates Hills, its flame has continued to burn brightly and it has become a regular haunt of many, who appreciate its relaxed yet elegant atmosphere and its cellar of 250 great vintages. While the orginal kitchen team has moved on, the same dedication to high quality produce continues to be very much in evidence. Nineteen in its current incarnation, under Chef David Attwater, focuses on a grill menu. The superb beef (from Australia, Ireland and the US) is complemented by super-fresh fish Attwater is very much of the belief that the best ingredients merit only simple treatment and perfectly judged cooking to bring out the best of
This contemporary villa is spread over two floors which are accessible by a magnificent glass-sided,
their flavours and textures.
floating staircase or a lift; a key feature of this unique building that is in one of the most desirable parts of
Nineteen, Address Montgomerie; 04 888 3444
Emirates Hills and has larger-than-usual outdoor space. Price on application. Property ref. 509
With views of lakes as well as the wide-open fairways of the golf course, enhanced by matured planting, Emirates Hills is living up to its promise as a serene place to live
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Autumn 2012
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FEATURED PROPERTIES
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Designed by French interior designer Alexander Lapp to an enviable standard, this Dutco-built property boasts imported marble and wood from Italy throughout, resulting in an exceptional and stylish home. A Seattle Pear Wood kitchen designed by Italco sits to one side of the open-plan downstairs area. The house has six en-suite bedrooms and boasts a stunning landscaped garden with a large pool overlooking the golf course. AED 29,500,000. Property ref. 999
Located in a well-established street of Emirates Hills, this architect-designed house is the creation of LW Designs. Modern
With high quality products from the likes of Miele, Zanotta and Elitis, this four-bedroom villa is superbly finished, with a great
Scandinavian influences permeate throughout this stunning one-of-a-kind home. Price on application. Property ref.1001
sense of style. Light and airy living spaces are perfect for entertaining and family living. Price on application. Property ref. 227