Emirates Hills - The Journal local edition - Summer 2012

Summer 2012

EmiratesHills A flurry of work as villas near completion

plots of land become increasingly scarce

a king-sized villa for a superlative location

THE HILLS ARE BUZZING, WITH GROWING DEMAND

The current pace of building may, perhaps, be even faster than during Dubai’s boom years: with 70 villas due to be finished in the next 6–18 months, it’s a sign of confidence.

There are now only 34 empty building plots left in the development – but even this small number doesn’t tell the full story of how rare they are: only seven plots are available for purchase.

One of the neighbourhood’s largest homes was recently completed – a 45,000 square-foot villa in L Sector. Its setting, on an 80,000-square-foot plot, also allows space for a huge garden.

Market activity is currently very buoyant, with a constant stream of new buyers. Given the high proportion of owner-occupied homes now, demand may soon outstrip supply.

Emirates Hills in numbers

7

The number of villas sold since the beginning of 2012, ranging in price from AED12.5 million to AED49m

10

The number of different sectors in the development.

They vary in terrain, orientation and density of villas, from the more elevated, lower-density S Sector to the mature and wooded H Sector

13

Number of lakes within Emirates Hills. An additional large lake skirts the edge of the development. As well as forming water hazards on the golf course, the lakes have become havens for bird life

90

Percentage of homes that are currently occupied. With an increasing proportion of villas now sold to end-users, the rate of turnover is slowing down significantly

600

Number of villas in Emirates Hills. The plots range from the moderately large, at 15,000 sq.ft to the enormous, at 80,000 sq.ft or more

2,000

Approximate number of residents The average age of current buyers is 35–40, with families of school-age children

A Sense of Space and Serenity Nestled in between two world-class golf courses, Emirates Hills offers much more than just a lifestyle alongside the fairways

by Alexandra Duchemin

The day starts gently in Emirates Hills: with little sound other than the trees rustling in the breeze and the song of birds. Now and then, from beyond your back garden, you’ll hear the sharp thwack of a golf ball being hit. The only traffic noise is the occasional growl of a Ferrari or Maserati as a neighbour drives off to work. Out on the street, workmen have already begun the trimming and clipping and weeding that keep the neighbourhood’s wellplanted verges looking immaculate.

It’s hard to imagine now, with tall trees shading the road and front gardens overflowing with plants that only a few years ago this was nothing but low, rolling sand dunes.

“Our friends all told us we were mad,” say those who – based on a just map and a sense of

the possible – bought plots of land in the early days, “but they’re not laughing at us now.”

The first element to be completed was The Montgomerie golf course, which forms the heart of the estate, neatly interwoven with curving streets and groups of villas in order to give wide-open green views to as many properties as possible. Today those views – and the sense of space and peace that they provide – are one of the neighbourhood’s greatest assets.

It’s not uncommon to hear remarks that Emirates Hills is “not really a neighbourhood” as it doesn’t have its own shopping centre or cafés and yet, in another sense, it truly is a neighbourhood: there’s a feeling of cohesion, of belonging to a rather special and self-contained world.

The great majority of residents have families and the comings-and-goings of the school schedules punctuate the rhythm of the days – especially in the cooler months of the year; in the late afternoon children ride their bicycles or roller-blade on the quiet streets; dogs are walked; smaller children are taken by their nannies to the play area in P Sector; as dusk falls whole families come out to stroll.

Emirates Hills people treasure the feeling of security, of living apart from the crowds.

“Privacy matters a lot to us,” said one resident, who asked not to be named for exactly that reason. “Living here, we feel very free to be ourselves and to relax and enjoy the rewards that we have been so fortunate to have in life.”

“You can be very social here – there’s quite a ‘set’ who give lots of parties and dinners,” adds his wife. “But sometimes that can get a little claustrophobic and gossipy. The good thing is that we all respect each other’s privacy and if you don’t want to be so social you don’t need to be.”

The people living in a neighbourhood define it at least as much as the physical surroundings do. And that’s why Emirates Hills feels so established: a lot of the families have moved here from other parts of Dubai; they came to the UAE in the early days, built successful businesses and have known each other – and each other’s children – for decades.

Some of those children, now successful adults with families of their own, are among those who have seized the opportunity to

vwww.luxhabitat. ae

continued on page 16

Current Prices The number of Emirates Hills properties, in various price brackets, currently offered for sale by Luxhabitat Number of Properties 11 10

6

10-20

6

20-30

30-40

40+

Price Ranges (million AED) Source: Luxhabitat analysis, June 2012

To READ MARKET UPDATES FROM OTHER NEIGHBouRHOODs

www.thejournal.ae/neighbourhood

15

16

the journal

Summer 2012

www.luxhabitat.ae

Emirates Hills did you know...

Emirates Hills was the first freehold development in the UAE. The master plan was launched in 1999, after HH Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, granted an 800-hectare parcel of land to Emaar.

To this day it remains the only area in Dubai where non-Emiratis can buy land on which to have a house built to their own design. The first part of Emirates Hills to be developed was the 60-lot H Sector, on the western side of the development, followed by R Sector, where Emaar had its own show home built.

Expert View Suzie Qureshi

Luxury Sales Specialist, Luxhabitat

E: sq@luxhabitat.ae | T: +971 50 348 4421

Families Head for the Hills

continued from page 15

have a house built to their own specifications. The one-off houses also make Emirates Hills feel more like a neighbourhood.

It has grown organically – albeit at ‘Dubai speed’ – without the uniformity typical of the emirate’s new developments.

Now, with empty plots almost impossible to buy, even existing houses are attractive: for those wanting to shape their home to their own tastes and style, it is much easier to make significant changes to a house in Emirates Hills than elsewhere in Dubai. Because the villas have been individually designed there is no uniform look that must be adhered to.

Within Emirates Hills, each of the areas has its own character: Sectors S and V are elevated, with far-reaching views; Sector P is surrounded by lakes, whereas other parts have more distant lake views, if at all; Sectors H and R, among the first to be established, nestle cosily among tall, mature trees.

But what of the golf? With a world-class championship course literally on the doorstep, isn’t that the glue that binds the community together? In fact, as is the norm with high-end golf communities elsewhere in the world, only a small proportion of residents bought their properties in order to play the sport; for them the real attraction is the green and open space that the golf course provides. Here, beyond the rolling greens, residents relish the opportunity to create a very personal haven in the heart of Dubai.

In the first quarter of this year seven villas were sold, in Emrates Hills, ranging in price from AED 12.5 million to AED 49m

Demand for this exclusive, gated community continues unabated: with approximately 600 villas, ranging in value from AED 15 million to 120 million, Emirates Hills’ occupancy now stands at almost 90 per cent.

Luxhabitat currently has about 35 properties on the market, plus a few building plots – the latter now very scarce. While there was a rush to sell properties from the end of 2008 until mid-2010, Emirates Hills is now becoming an end-user’ market, with people making it their home for life. As a result, only a few houses are coming on to the secondary market, pushing prices up.

The community has roughly 2,000 residents, with the average age of current buyers being about 35-40, most of whom have families with school-age children.

Emirates Hills has become an end-users’ market, with people making it their home for life, so prices are increasing due to demand

significant number of Pakistanis, a smattering of prominent Emiratis and, recently, a growing number of Iranians. Also, we are seeing more Europeans, who are opening hub offices for their businesses in Dubai, and we are starting to get interest from a few Americans.

While the recession hit the area quite hard – one of our large villas, priced at AED 43 million in late 2008, sold for 17 million in early 2010 – the picture is certainly different now: this year seven villas have already been sold, ranging from an Emaar-built Al Hambra villa of 8,000 sq.ft with a community view, at AED 12.5 million, to a privately constructed house with golf course views at AED 49m. The average value of those sold is AED 26.4m.

While the reduced amount of construction within Emirates Hills has greatly improved the quality of life, there have been concerns about the major works around the community’s perimeter. Few would deny that more and better road links are essential to Dubai’s proper functioning, but the two-year construction period has been very disruptive.

Now, with the six-lane artery between Emirates Hills and The Lakes completed, the result is better than had been feared, with a high wall safeguarding privacy and reducing traffic noise. Once planting has grown up to soften the wall, any negative impact will be further reduced. Solutions for the boundary between W Sector and the newly widened highway behind it are also being studied. With Emaar, the master developer of Emirates Hills, evidently keen to protect the value of the neighbourhood it has created, residents have a powerful lobbyist on their side.

Clients who are considering Emirates Hills usually know precisely what they are buying into. Many of them are very successful Indian businessmen who have lived in the UAE for some time, taking a step up on the property ladder and establishing a permanent and stable home for their families. There is also a

Suzie Qureshi was talking to Ben Jacobs

Now, he adds, that is becoming a reality – and that is thanks not only to Emaar’s master-planning but also to the people who have moved in. “As well as some spec builders – most of whom have now sold on to long-term owners – the people who bought wanted to be part of the vision, to build their own house, according to their own needs, as a long-term home. Emirates Hills is the only place in the UAE where a non-local can do that.”

Because the motivation to buy here was different from in other developments, he says, the residents themselves are keen to take things further, “to create the most high-end gated community in the region, in terms of quality of properties, quality of residents, level of security and privacy”.

“As Emirates Hills is becoming more settled, residents are beginning to come forward – people now regard themselves as being part of a community and therefore are willing to see things being done in the interests of the community as a whole.

That’s why I joined the board of Emirates Hills Owners’ Association [of which he is now the chairman]; you have to be willing and able to put some time and energy into doing things like this.”

He is candid that there’s room for improvement: “Some things need fixing – of course they do; it’s a new development. We [residents] know what the

problems are – the Berlin Wall along the new road on the Lakes side, for example – but there’s no point in just complaining. It will need some focus and time to get things done.”

For British-born Harvey, his South African wife and their children, Dubai was a logical place to call home. “At the time we bought, we were living in Hong Kong. My company already had business interests in the GCC and the UAE is ideally located between Europe, South Africa, and the Far East.”

For one who spends many days of the year travelling, Emirates Hills is ideal: “With better infrastructure, communications are even easier. Dubai and Abu Dhabi airports are equidistant, giving me a huge number of flights to choose from.”

Although the Boulters bought their land in 2003, they moved in only in 2010. “The house took six years to build – partly because we kept on upgrading the original plan. Or, at least, my wife did,” Harvey laughs. “Whenever we came across another good idea she would say ‘OK’ and then go ahead and brief our designer [US-based Greenauer Design Group] to do it – because in Emirates Hills that’s what you can do.”

“Having a large house makes life more efficient.

With staff living on the premises, everything is taken care of, so I can spend more time on busi-

interview

Contributing Makes a Real Community As residents become settled and get to know each other, Emirates Hills is evolving into a true neighbourhood

by Sandra Lane

Eight years ago, when Harvey Boulter decided to make a home in Dubai for his family, Emirates Hills was the obvious choice, he says – even though the only thing on offer was a patch of sand.

“All I could see was the vision,” says Harvey, who is CEO of Porton Group, which specialises in the commercialisation of defence technology.

“Because I was already familiar with some very high-end gated communities in other countries, such as the Yellowstone Club in the US, the concept made sense to me.”

Summer 2012

www.luxhabitat.ae

the journal

star propertY

Cool and Chic for Contemporary Living An interior designer’s home in Emirates Hills began as a blank canvas on which she could create her ideal environment.

by Sandra Lane

When the interior designer Leila Garadaghi moved from London to Dubai with her financier husband her first project was to find a house in a great location that she could transform into a perfect environment for modern living. Her no-holds-barred approach meant a complete renovation and restructuring of this Emirates Hills villa – stripping it back to its shell, moving walls and installing materials of great quality and style, mostly sourced on frequent trips to her favourite suppliers in Italy.

The result is a wonderfully airy, openplan space; it’s very European in style and sensibility yet ideal for living in this climate, with a natural flow from indoors to outdoors, large expanses of floor-to-ceiling glass, and plenty of shading on the sunnier side of the house, as well as in the garden.

The ground-floor spaces are unified by flooring in cool grey marble and whitepainted walls, with each area defined by a feature wall in stone or wood.

Surrounded by garden on two sides, formal living and dining rooms flow in logical sequence into the less formal and family areas, allowing for different styles of enter-

FASCINATING FACT...

As well as designing the Signature villas in Emirates Hills, the British architecture firm founded by Sir Michael Hopkins designed Gate Village at DIFC. Another Hopkins project will be soon be seen by a global audience of billions: the firm designed the Velodrome for the London 2012 Olympics, which recently won Design of the Year 2012 for Architecture.

A vivid Murano chandelier hangs above the family dining table

Every inch of the villa and its garden has been upgraded and transformed into a perfect environment for modern living

taining. Casual lunches and dinners – when not outdoors by the pool – gravitate to the open-plan kitchen-dining area, where sleek SieMatic cabinets and top-of-the-line Gaggenau appliances create a focal point.

Upstairs there’s a fantastic, 1,200-squarefoot master suite with huge walk-in closets, a private sitting area and a gorgeous bathroom with a sauna, steam room and free-standing tub. Like the stunning master suite, each of

to read more see www.thejournal.ae/neighbourhood

Price on Application. Property ref 227.

Contact Suzie Qureshi +971 50 348 4421; sq@luxhabitat.ae

Prices Roll Higher through Emirates Hills 120

Unique in Dubai as a neighbourhood where owners can build to their own specifications, Emirates Hills property values also appear to be dancing to their own tune

Minimum Price (million AED) 100

80

80

Emirates Hills sits at the top of Dubai’s property market, an elevated position that has kept the area comparatively sheltered from the effects of the financial storm. Properties have always commanded a premium here so, while prices did undoubtedly feel an impact, they have stayed relatively high.

It should also be noted that, because every villa has been designed and built differently, the range from lowest to highest price is very broad in this neighboourhood.

In December 2007 the price range was between AED 20,000,000 and AED 80,000,000, falling to AED 13,000,000–AED 60,000,000 in March 2009. The top end of the Emirates Hills market dipped later than some other villa areas, with the maximum price down to AED 55,000,000 in December 2010.

At the lower end prices saw a larger decline, explained by the fact that those buying smaller villa plots had been more likely to do so for investment purposes and looked to resell and realise their investments sooner. The minimum price fell to AED 13,000,000 in March 2009 before climbing slowly back up to AED 15,000,000 in December 2010 and AED 16,000,000 in December 2011.

The neighbourhood did not see a lot of sales during the crisis period as the majority of residents didn’t want to sell and there were very few distress sales; consequently, values held well. In mid-2010 the area started to see

120

Maximum Price (million AED)

80

75

by Samantha Armstrong

ness and more quality time with the family.”

That family time frequently means enjoying their boat or heading to the beach, both just 10 minutes’ drive from the house. Or it might mean going out cycling with the children.

“Often, we bump into neighbours and stop to chat – that never happened in Umm Suqeim, where we rented for several years while the house was being built. There, it was just a villa in a street, with no sense of community.”

Since 2010, says Harvey, the rate of development has accelerated – and this reinforces the sense of community: “People are making a deeper commitment to living there; we are all learning more about each other. Some of us have even started doing business with each other. We’re comfortable networking with the neighbours because we are among our own peer group. Recently we had six different nationalities seated around our dinner table – and yet, in terms of our goals, values and attitude to life, we are all the same.”

the other three elegant bedrooms has a beautiful bathroom and its own balcony or terrace.

There’s also a very large room that the family currently uses as a home cinema-cum-yoga studio/gym; it’s a wonderfully light alternative to the more usual basement gym, and has full blackout blinds for movie times.

Surrounded by mature trees, the garden wraps around the house and has been skillfully planned to make the most of the space and complement the architecture – again, with an emphasis on stylish indoor-outdoor living and the same contemporary design DNA as the villa’s super-chic interior.

60

60

55

40

20

20

Dec 07

18

Sep 08

13

Mar 09

15

Dec 10

16

Dec 11

19

Mar 12

Although values in Emirates Hills were hit during the slump, prices for the best-quality homes are now rising dramatically.

Source: Luxhabitat analysis, June 2012

movement again; owners now accepted that the wider market environment had changed and those who wanted to sell would need to reduce asking prices in line with the trend.

Across the board prices are gathering pace again and, according to data gathered by Luxhabitat, in March 2012 they ranged between AED 19,000,000 and AED 120,000,000.

The top end of the bracket appears particularly buoyant, with prices already having surpassed those of 2007 and 2008.

The majority of properties in Luxhabitat’s Emirates Hills portfolio fit into the AED 20,000,000–AED 30,000,000 range, closely followed by AED 40,000,000-plus. There are few to be found in between, which can be ex-

plained by the plot sizes falling into either the 20,000 sq.ft or 40,000 sq.ft category, with the villas built on the smaller plots reaching 10,000–16,000 sq.ft and those on the larger plots being 25,000,000 sq.ft upwards.

Properties in Emirates Hills occupy a niche in the market that caters to the city’s wealthiest home owners – and, in most cases those looking for longer-term homes. Size matters here, with the ‘bigger is better’ mantra shared proudly among its residents. While there is now little hope of finding an empty plot on which to build, those looking for a large and impressive home in an elite community of like-minded individuals will be attracted to this one-of-a-kind neighbourhood.

17

18

the journal

Summer 2012

www.luxhabitat.ae

featured propertIES

Property Gallery

Scan the QR code with your smartphone to www.luxhabitat.ae

Newly built, this stunning contemporary villa extends to 16,000 square feet, arranged over three floors. It has been designed to maximise indoor-outdoor living, with the main reception rooms all opening on to an expansive terrace and very large swimming pool, which overlooks the golf course. A beautiful family living area, which incorporates a sleek open-plan kitchen, is complemented by formal living and dining rooms. Downstairs there is a vast play area, with cinema, games room and gym. Price on Application. Property Ref 762

Overlooking the fairways, this superb, newly-built villa has very spacious, open-plan living areas and is flooded with light. There are seven bedroom suites, as well as a vast roof terrace with panoramic views. Price on Application. Property Ref. 751

With lake and golf course views, this 12,000 square foot villa offers great spaces for both family living and entertaining. Multiple reception rooms are complemeted by five ensuite bedrooms and a guest suite. Price on Application. Property Ref. 756

sold properties

e SECTOR

Contemporary Signature villa with five bedrooms. Sold for AED 15,000,000

w SECTOR

Magnificent family villa in a quiet setting. Sold for AED 19,700,000

HT SECTOR

A grand 17,000 square foot villa with golf views. Sold for AED 26,100,000