A Developer For An “Ultra-Luxury” Project Purchased Three Plots On Dubai Marina.
As 2022 draws to a close, the residential real estate market in Dubai is still seeing record-breaking transactions. Including the sale of a 100,000 square foot sea-facing plot Land for Sale Marina for a whopping Dh690 million ($187.6 million). This deal surpasses the Dh600 million purchase of a second property on the Palm by Indian billionaire Mukesh Ambani. As the largest residential transaction in Dubai this year.
This year, beachfront plots and homes have been among the most sought-after in Dubai. Driving record prices at the Jumeira Bay Islands and on the Palm Jumeirah. The fact that this buying interest has spread to Dubai Marina Lands for Sale demonstrates. Those consumers are expanding their search and getting what they want.
According to Ahmed Abou El Naga, Head of Institutional Sales of Metropolitan Group, who facilitated the Dh690 million deal along with Fakhreddin Minooeifar, founder and chairman of Mallorca Commercial Real Estate Advisory, who represented the buyer, “The plots were sold together to one buyer in a single transaction.”
International developers have a huge demand to increase their operations in the Dubai market. The majority of these international corporations are looking for prime plots to build upscale, opulent developments. On those 100,000 square feet, the buyer, “a Dubai-based developer,” intends to build “ultra-luxury” apartments and penthouses with a built-up area of 1.7 million square feet. Only a few oceanfront properties in desirable Dubai neighborhoods are available. In addition, they are completely off the market, according to El Naga.
Ready For High-End Buyers
Developers in Dubai have accelerated off-plan launches in recent weeks, most of them in the luxury market. As they anticipate that the level of interest shown by affluent foreign buyers, particularly those from Europe, will continue. There are off-plan alternatives available, from Dh9 million townhouses to Dh177 million mansions. Additionally, the price mix would include a wider range of options.
A Dh90m Island House
The notable transactions that Dubai real estate is recording also take place on land. A mansion valued at Dh90 million was sold for Dh90 million. It is located on one of the two new islands Majid Al Futtaim Communities will be constructing at the Tilal Al Ghat residential community. The project already included a beach, so the developer decided to add two islands because they made sense given the
With no question, Lanai Islands will rank among Dubai’s most elite neighborhoods, according to Andrew Cummings, Partner and Head of Prime Residential at Knight Frank Middle East, which was engaged in the deal. It serves as a further reminder that Dubai’s prime market is now extending beyond the city’s more established neighborhoods. Like Emirates Hills and Palm Jumeirah, with Tilal al Ghaf poised to become one of the city’s most sought-after communities once it is finished.
The $30 million ($24 million) mansion will be built on a 25,870 square foot plot and cost Dh90 million ($24 million). The owners customized the estate, adding a master suite with more than 2,000 square feet. In addition, choosing to turn the outer guesthouse into an executive office, according to Cummings. All of this is in addition to the three swimming pools, one of which has a triple-height waterfall, the home spa, gym, and the relaxing decking that overlooks the crystal lagoon. There will only be 13 mansions on Lanai Island when it is finished in 2026. Moreover. They are all on a “private island in the middle of a 1.2-kilometer crystal lagoon.”