Dubai sets a new record in residential land sales with three Marina plots selling for Dh690m
Three plots purchased by a Dubai Marina developer for an ‘ultra luxury’ project
Dubai’s residential real estate market continues to record sales, with a 100,000-square-foot sea-facing plot of land in Dubai Marina selling for Dh690 million ($ 187.6 million) in the final stretch.
This is Dubai’s biggest residential deal of the year. It surpasses the Dh600m deal in which Indian billionaire Mukesh Ambani purchased a second Palm property.
This year’s most sought-after properties and plots on Dubai’s beachfront have seen record prices at Jumeira Bay and Palm Jumeirah. Dubai Marina’s buying interest has been extended to show buyers are expanding their search and finding the right property.
Future residents will be able to enjoy the luxurious trappings and unobstructed views over the sea, Dubai Eye, and Palm Jumeirah.
The Dh690 million deal saw “the plots being sold together to one buyer” according to Ahmed Abou El Naga (Head of Institutional Sales at Metropolitan Group), who was also the broker and Fakhreddin Minooeifar (founder and Chairman of Mallorca Commercial Real Estate Advisory), who represented the buyer.
Dubai-based developer, the buyer plans to build a ‘ultra-luxury” apartment and penthouse with a built-up of 1.7million square feet on that 100,000 square foot. El Naga stated that there are very few seafront plots in Dubai’s prime neighborhoods and they are not on the market.
Primed for luxury buyers
In Dubai, developers have been speeding up the launch of the off plan in recent weeks. Most of them are in luxury areas as they believe that wealthy buyers from Europe will continue to show interest. There are many off-plan options, whether you’re looking for a Dh9 million townhouse or Dh177 million mansion. There would be many more options available in the price range.
A Dh90m island house
In-land, the signature deals Dubai property is making are also taking place. Majid Al Futtaim Communities will build two new islands to house a Dh90m mansion. It was sold at Tilal Al Gat residential community. Given the demand for luxury addresses in Dubai, the developer had already included a beach in the project. It was logical to add two islands.
“Lanai Islands will undoubtedly be one of Dubai’s most exclusive communities,” stated Andrew Cummings, Partner and Head of Prime Residential at Knight Frank Middle East. It is also a reminder that Dubai’s prime market is expanding beyond traditional areas like Emirates Hills and Palm Jumeirah. Tilal Al Ghaf is set to become one of the most sought-after communities in Dubai upon completion.
The Dh90 million mansion ($ 24 million) will be built on a 25,870 sqft plot. All of this on top of three large swimming pools including a triple-height waterfall, home spa, gym, and a relaxing deck that overlooks the crystal lagoon.
