A new villa in the Emirates Hills district in Dubai is on the market for AED 225 million (USD 61.26 million) amid a shortage of ultra-luxury real estate. The XLV Residence is a 7-bedroom villa in Emirates Hills, which is furnished and designed in collaboration with luxurious brands such as Fendi, Cavalli and Gaggenau. The Dubai-based creative design studio called Qeblawi Brooks created the architecture and design of the XLV Residence.

The spacious villa can accommodate up to 300 people at a time, and is currently the most expensive project in Emirates Hills. It is expected that the sale of XLV Residence will exceed the sale price of a five-bedroom villa that sold for AED 102.8 million (USD 27.99 million) in the same community.

According to the Commercial Director at the development company of XLV Residence; Select Group, Georges El Hachem, the exclusive villa is brand new and still under warranty, and the materials and design elements used in this project are unparalleled in Dubai’s luxury market.

Over the past few months, the Dubai real estate market has set its own records for the highest number of property transactions and the most expensive real estate. The UAE economy is strengthening after the global downturn caused by the coronavirus pandemic, and attracts high-net-worth individuals from around the world to come and live in the city.

According to the consulting company Knight Frank, over the past 12 months, real estate prices have increased by about 60% with the main reason for this being the boom in the luxury housing market in Dubai. Despite the delivery of another 31,000 housing units in the last three quarters of the year, there is a shortage of available properties at the highest level of the market.

Experts record a 50% decrease in the supply of luxury real estate in the Dubai real estate market in May 2022 compared to May 2021. The most popular districts for purchasing elite real estate are Emirates Hills, Palm Jumeirah and Jumeirah Bay Island.