A Russian national purchased a mansion in MBR City’s District One cluster. European buyers are still looking for good deals in Dubai’s high-end real estate market.

Dubai: European and CIS investors are still the most active in Dubai’s luxury residential market, with a Russian bidder just completing the acquisition of a house in District One for Dh89.1 million. This is said to be one of the highest prices ever paid for a home in District One, which is one of the several ‘districts’ that make up MBR City.

The eight-bedroom residence is situated near the crystal lagoon and has a built-up size of 32,500 square feet. It has a private cinema, entertainment zone, and a wide ‘family area,’ as is standard in Dubai homes these days. Realty Force Real Estate Brokers handled the transaction. The talks began in March and were completed by mid-May.

“The Russian buyer had been a renter in District One for two years and enjoyed the lagoon, the planned mall (Meydan One Mall), and the schools,” said Riyaz Merchant, CEO of Realty Force. “It was because of this that he decided to move into his own home in the same neighbourhood.” The seller is a citizen of Australia. “One of the most prominent real estate addresses in the UAE is District One,” Merchant remarked.

“The majority of District One purchasers are Europeans hoping to relocate to Dubai. Some are long-term renters, as as the buyer of the Dh89.1 million home, who have watched their rents skyrocket.”

District One, a Meydan Group development covering more than 1,000 acres, together with Dubai Hills, has recently emerged as a popular investment favourite, particularly for those searching for alternatives to Emirates Hills.