Business News: PHOENIX HOMES is celebrating the sale of an AED102.8m villa in the prestigious Emirates Hills development – the highest value deal in the community this year, and the luxurious area’s second highest ever sale value.
Myles Bush, a founding partner in the company and one of Dubai’s most lauded and experienced property experts, sealed the deal.
He says: “This is another notch in my career progression. I was behind the largest villa sale of 2017, the largest lease ever recorded in 2018, and the largest land sale of 2019. I’ve worked with the seller before, and both parties were wonderful people to deal with. We have no doubt that future business will be done with both parties.
“This sale underlines the positive growth trajectory we are seeing in local real estate – and also serves to cement Phoenix Homes’ reputation as one of the top agencies in the city’s vibrant luxury segment.”
Myles and the team are in an especially celebratory mood as the sale was concluded on the company’s first anniversary.
Sold by a Maltese businessman to an Indian entrepreneur, the villa has a plot of some 38,000 square feet, typical of the prestigious, exclusive gated community’s property offerings.
Emirates Hills is one of the city’s most well-established and upmarket neighbourhoods, featuring an array of unique, mansion-esque villas situated on leafy streets surrounding the Montgomerie Golf Club.
The sprawling mansion sold by Bush has a built-up area of more than 20,000 square feet, and backs onto the golf course. The property features floor-to-ceiling windows, five huge bedrooms, a private cinema, a swimming pool and a gym.
“Phoenix Homes is of course delighted and proud to claim this victory and yet again show the world what we are made of,” adds the agency boss.
Phoenix Homes is a new hybrid estate agency which is already taking the market by storm, after launching just a year ago, in May 2021.
With a view to shaking up the stale status quo, Phoenix Homes offers experienced brokers complete freedom to work when how and where they like, with an 80% commission model. This extraordinary model goes against the regional norm – splitting commission 50/50 between the agent and the agency. Myles will receive a hefty 7-figure commission for his latest sale deal.
“It’s interesting to note that this year’s record-breaking sale also came from an agency which offers its brokers a similar 80% commission model,” notes Bush, adding that: “this is clearly the way forwards for high-achieving agencies to attract the best talent.”
And while some US models charge brokers for desks and marketing, Phoenix offers workspace for those who want it, and leaves each broker to decide if they want to contribute to marketing of their property portfolio.
Phoenix Homes has 18 highly experienced, mature brokers, a professional admin team and a 3,000 square feet office in Barsha Heights.
Given the experience of Myles and his partners – both long term friends and fellow real estate brokers – the company carries clout in the local markets – underlined by this record-breaking deal.
Mature, heavyweight brokers joining the agency can choose to spend some of their commission on promoting their portfolio via Phoenix Homes’ channels if they wish. They can also promote their properties via whichever methods they know work best for them, without paying money into the firm.
Phoenix Homes offers sales and lettings of both residential and commercial properties in Dubai and Abu Dhabi, and plans to swiftly open a UK office to assist in international property negotiations.
