Villas and mansions aren’t the only hot properties in Dubai right now; plots for development are selling just as quickly.
For the first time, non-UAE nationals interested in building villas or mansions can purchase a cluster of plots in the Al Wasl neighborhood. There are only 140 of these plots available, with the majority measuring 10,000 square feet. Investors will be able to build luxury villas and will be given full title deeds, according to market sources. The villas and plots would start at Dh40 million.
Until recently, the only significant freehold option for non-UAE nationals was the City Walk development in Al Wasl, which offers upmarket residential towers. A new phase of City Walk is being built, complete with a large central park and apartment buildings.
“Jumeirah and Al Wasl have retained their status as Dubai’s super-prime neighborhoods even with wealthy investors having options to buy on the Palm, Emirates Hills, Dubai Hills, and Al Barari,” said Firas Al Msaddi, CEO of fam Properties. “Apart from off-plan properties, developers are again offering investors, local and foreign, options to buy land and build bespoke homes.
“The best part about locations in Jumeirah or Al Wasl is they hold their value through any market cycles – and continue to increase in value as the area matures.”
Jumeirah Bay glistens
The island of Jumeirah Bay has already seen a slew of high-profile purchases, with many exceeding Dh100 million. Land for a 47,000 square foot gross floor area mansion sold earlier this year for Dh150 million, just weeks after another on Jumeirah Bay sold for Dh180 million. Another off-plan transaction worth Dh115 million was recently completed.
“Jumeira Bay Island is proving to be another very prime destination,” said Mark Castley, Chief Operating Officer of LuxuryProperty.com. “There are only a limited number of completed villas available right now.”
Land prices are also rising rapidly
In terms of villa plot valuations, Jumeira Bay island – home to the Bulgari resort and ultra-luxury villas – is already approaching Dh5,000 per square foot. Prices at La Mer have risen dramatically in the previous six months, according to market sources, with the average now standing at Dh1,400 per square foot, up from Dh900-Dh1,000 for non-water-facing homes and Dh1,350-Dh2,000 for those facing the sea and with beach access. In contrast, the Al Wasl villa community is currently valued at Dh1,000 per square foot.