With a 100,000 square foot seafront plot of property in Dubai Marina selling for Dh690 million ($187.6 million) in the closing stages, the residential real estate market in Dubai is still setting sales records.
The largest residential deal of the year in Dubai is this one. It surpasses the Dh600 million deal through which Mukesh Ambani, an Indian business magnate, acquired a second Palm property.
At Jumeira Bay and Palm Jumeirah, the most sought-after homes and beachfront sites in Dubai have experienced record prices this year. Dubai Marina’s buying interest has been extended to show buyers are expanding their search and finding the right property.
The opulent amenities and unrestricted views of the ocean, Dubai Eye, and Palm Jumeirah will be available to future homeowners.
According to Ahmed Abou El Naga (Head of Institutional Sales at Metropolitan Group), who was also the broker in the Dh690 million deal, and Fakhreddin Minooeifar (Founder and Chairman of Mallorca Commercial Real Estate Advisory), who represented the buyer, “the plots were sold together to one buyer.”
The buyer, a Dubai-based developer, intends to construct a “ultra-luxury” apartment and penthouse on that 100,000 square feet, with a built-up area of 1.7 million square feet. El Naga claimed that there aren’t many seaside properties for sale in Dubai’s elite neighborhoods.
Primed for luxury buyers
In Dubai, developers have been speeding up the rollout of the off plan in recent weeks. The majority of them are in upscale regions because they anticipate continued interest from affluent European purchasers. Whether you’re searching for a Dh9 million townhouse or a Dh177 million mansion, there are several off-plan possibilities. There would be a large number more possibilities in the pricing range.
A Dh90 million island home
The landmark agreements that Dubai Property is striking are also happening on land. To accommodate a Dh90 million residence, Majid Al Futtaim Communities will construct two new islands. 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.
