Emaar Properties has just announced “Golf Homes,” a small development of luxury homes in “Arabian Ranches.” Defined by ultra-luxury standards and elegantly detailed architectural features, the Golf Homes are set on the scenic fairways of a golf course. The community features only eighteen spacious homes, which are being offered to discerning customers via an auction, which will be held on 24th May.

Golf Homes is a celebration of the finest standards in modern home building, and offers an unparalleled lifestyle experience for residents. Apart from the location advantage of being part of the Arabian Ranches Golf Course, the homes also provide residents easy access to a diverse range of lifestyle amenities. Residents can look forward to leisure pursuits at the Arabian Ranches Golf Club and the Dubai Polo and Equestrian Club. The homes are also in close proximity to the Arabian Ranches community centre, a retail hub and schools.

The Golf Homes are designed in three styles - Hacienda, Suncadia and Castilla - featuring Arabian and Spanish architectural elements. The Castilla Homes cover more than 8,000 square feet and consist of rooms wrapped around terraces, a verandah, courtyard and an entry court with a central fountain. The Hacienda Homes have over 10 rooms over 6,900 square feet, a reception courtyard, grand dinning room, three terraces, two gallerias and windows set around two spacious living rooms. Suncadia Homes are 2 floor villas with a wrap-around promenade, an entry tower and entry arcade.

Mr Saif Al Mansoori, Sales Director, said: “The Golf Homes at Arabian Ranches is an unmatched villa community, and is positioned as a premium residential destination in Dubai. The sheer spaciousness of the homes, the design excellence and the spectacular location offer potential investors a prized home in Arabian Ranches, an established residential neighborhood.”

Apparently, Emaar is holding an auction sale for the Golf Homes to highlight the distinctive appeal of the villa community. Villas are in great demand in Dubai, and Golf Homes builds on it further by offering an exclusive lifestyle.

According to their press release, all eighteen homes are surrounded by meticulously tended lawns and expansive “sun lounger” terraces, creating an aura of luxury even before entering the property. Inside, the immaculately designed homes feature doors of porcelain, wood, and stone, intricately detailed ceilings, walls with a two-color, textured paint effect and bronzed leaf grille work windows. The latest appliances and amenities and elegant iron-embellished wardrobes all combine to create a warm and luxurious ambiance.

Potential investors can register interest for auction sales at any of Emaar’s sales centers in the UAE or call toll-free on 800-EMAAR (800-36227) or log in to www.emaar.com for more details.

The golf course, polo and equestrian facilities, schools and a spread of retail and leisure outlets make it an integrated lifestyle community. The 18 hole, Par 72 desert-style Arabian Ranches Golf Course is a choice destination for golfers and has been designed by Ian Baker-Finch and Nicklaus Design.

Emaar Properties will roll out an exclusive roster of signature residences within its established master-planned communities on May 10, 2008.

The one-day special sale of premium residences within The Lakes, The Views, Downtown Burj Dubai and Dubai Marina will be on a first come, first serve basis with several financial institutions offering easy home finance options.

The portfolio of luxury homes for sale includes villas, town houses and apartments that are set apart by their location, architectural elegance and easy access to amenities which includes the Deema townhouses with overlooking terraces in The Lakes; Tanaro apartments offering spectacular golf course views at The Views community; a selection of high-quality apartments within Downtown Burj Dubai; and a range of waterfront apartments at Dubai Marina.

Mr Saif Al Mansoori, Sales Director, Emaar Properties, said: “Emaar’s latest residential offerings appeal to a discerning clientele with a preference for world-class homes in established communities in Dubai. The Views, The Lakes, Downtown Burj Dubai and Dubai Marina offer a rich community life and access to varied lifestyle amenities.” More on Emaar Properties Launches Signature Residences

Unless you have been living in a cave in Afghanistan for the last several years, it will not have escaped your attention that the property market in the USA is “having a few issues.” Record foreclosures, new laws being written in seconds and changes being made to the IRS rules – all to deal with the sub-prime crisis. Some parts of the country have seen property values drop by as much as 50% practically overnight. These issues are bleeding over into other world markets with investor confidence dropping like the proverbial lead balloon and banks hurriedly tightening lending criteria as quickly as they can replace their CEOs.

Yet the luxury market has been largely untouched. Manhattan, Singapore, Hong Kong, to name just a few, have continued to see record prices in the Luxury real estate sector. Why?

Cash. The luxury sector is driven by cash purchases rather than poor quality, over priced, under-funded loans. Wealthy real estate purchasers are unlikely to be queuing at the ACME loan company’s front door hoping for a low introductory mortgage offer. They pay cash.

Manhattan

Peter Comitini has an excerpt from The Corcoran 2007 report, which is available here. “The year was epitomized by a number of high profile luxury residences, closing at record setting numbers; most notably uptown were Robert A. M. Stern’s15 Central Park West & The Plaza hotel conversion. Further downtown, we saw more sales records achieved by cutting edge projects like Herzog + de Muron’s 40 Bond Street, Jean Novel’s 100 Eleventh Avenue in West Chelsea as well as 40 Mercer Street in Soho; and SOM’s 101 Warren Street in Tribeca. All are among the most significant residential architecture being envisioned and built in the world. Quality design, construction, visionary development, and lifestyle amenities are the essential selling points for luxury buyers in Manhattan. Overall there continues to be a shortage of quality inventory in every price category.”  Of course, Donald Trump has always been of the opinion that you can’t compare Manhattan to the rest of the world, let alone the rest of the country.

London

Average asking prices for prime London property dropped slightly in the last quarter of 2007, immediately rallying in January 2008, pushing the average price up to new record levels. This is in sharp contrast to the rest of London and other parts of the UK. Over 60% of sales of London’s luxury property is to foreign investors, in turn limiting availability hence the continued rises in the face of reductions elsewhere. Record prices for London property were seen in several luxury sectors during 2007. Mostly to overseas buyers who plan to hold on to the property rather than flip it. As recently as 2004, typical ownership length was less than 9 months before re-selling. This has now risen to over 20 months – and continuing to rise. Lev Leviev for instance, paid over $70 million for a seven bedroom house in Hampstead.  

Occasional mention of luxury house prices dropping is made, but, at least in part, this depends on your definition of “luxury,” as applied to the property market. This report from Bloomberg last year suggested that luxury property prices were falling. Notably, this report quotes median prices. Never an accurate indicator.

No, the luxury real estate market is a completely different market, almost unrelated to the loan-based markets. Prices determined by available finance as opposed to available cash are never going to be in step with each other. Whilst the luxury real estate sector may have the occasional blip, the trend seems ever upwards.