Al Wasl, a Luxury Suburb in Dubai, Is the Latest to Provide Villa/Mansion Plots
Lands for Villas are not the only hot properties on the market in Dubai right now. Plots to develop them are selling just as quickly. For the first time, a cluster of plots in the Al Wasl area for the development of villas/mansions is also available to non-UAE nationals. There are just 140 of these plots available, the majority of which is 10,000 square feet. According to market sources, investors will be able to construct luxury villas and would be given full title deeds. The villa & plots lands for sale would be priced starting at Dh40 Million.
Until today, the City Walk development in Al Wasl. Which offers upmarket residential towers, was the sole significant freehold option for non-UAE nationals. At City Walk, a new phase is being erected, replete with a big central park and apartment blocks.
“Despite the fact that wealthy investors have options for purchasing on the Palm Jumeirah, Dubai Hills, Emirates Hills, and Jumeirah, Al Barari, and Al Wasl have maintained their status as Dubai’s super-prime districts,” stated Firas Al Msaddi, CEO of FAM Properties. “Apart from off-the-plan residences, builders are once again offering domestic and international buyers the opportunity to buy land and build custom homes.
“The nicest thing about Jumeirah or Al Wasl properties is that they keep their worth across market cycles. Plus continue to rise in value as the neighborhood matures.” The Al Wasl neighborhood maintains its prominence as one of Dubai’s most prestigious areas. The City Walk made a name for itself as a desirable freehold destination.
Land Prices Are Expected To Rise Dramatically
The Bulgari Resort & super-prime villas on Jumeira Bay Island are soon approaching the DH 5000 sq. ft. mark in terms of villa plot pricing. According to market sources, prices at La Mer have risen dramatically in the previous six months. With the average now standing at DH 1400 per square foot, up from DH 900 to DH 1000 for non-water-facing homes. As well as DH 1350-DH 2000 for those placed facing the sea also with beach access. The Al Wasl villa community, on the other hand, is currently valued at DH 1000 per square foot. In the recent past, Emaar’s Dubai Hills and Meydan’s District One both saw outstanding take-up rates for new villas and plots.
Fabricate ‘Dh30m to Dh45m Villas
FAM Holdings co-invested in 13 plots at Al Wasl Land complex to create ultra-luxury villas costing between Dh30 Million and Dh45 Million. These would range in size from 14,000 to 20,000 square feet.
“If property purchasers prefer a larger spread for the villas or palaces, they might combine the plots,” added Firas Al Msaddi, CEO. “We believe that the value of such villas will exceed Dh500 million, with handover scheduled for February 2023.”
Jumeira Bay Glistens
The Jumeira Bay Island has seen a number of remarkable sales, with many wells exceeding Dh100 Million. Lands for Sale for a 47,000 sq. ft. gross floor area for Dh150 Million earlier this year. Only weeks after the other on Jumeira Bay was bought for Dh180 million. Another off-plan deal was just announced for Dh115 Million. “Jumeira Bay Island is proving to be yet another extremely excellent destination,” stated Mark Castley, CEO of LuxuryProperty.com. “Right now, there are only a few completed villas available.”