In a landmark real estate deal, Dubai Sotheby's International Realty has successfully brokered the sale of the third most expensive villa in Dubai this year, commanding an impressive selling price of AED148 million ($40.2 million).

An epitome of opulence, the property spans a sprawling 80,000 sq ft and is located within the prestigious Emirates Hills enclave, renowned for its unparalleled luxury and sophistication. The 19-bedroom villa has a built-up area of 55,700 sq ft.

Dubai Sotheby's International Realty said this sale also ranked as the fourth-highest sale ever achieved in Emirates Hills.

"Notably, this villa stands out not just for its price but also for its grandeur and scale. It boasts the largest plot size in Emirates Hills and is one of the largest homes in Dubai in terms of Built-Up Area (BUA)," said a company spokesman.

This sale underscores the luxury real estate market's vitality in Dubai and highlights the unparalleled luxury and exclusivity that Emirates Hills offers to its residents, he stated.

According to him, Dubai Sotheby's International Realty's role in this significant sale reflects their expertise and leading position in Dubai's high-end real estate market.

This transaction sets a new benchmark for luxury real estate in the region and marks a noteworthy moment in Dubai's real estate history, he added.