At Dh690m for three Marina plots, Dubai sets new record for residential land sale
Three plots bought by a developer on Dubai Marina for 'ultra-luxury' project
Dubai: Into the final stretch of 2022, Dubai’s residential property market is still clocking in record deals, with a 100,000 square feet sea-facing land - spread over 3 plots - in Dubai Marina sold for a whopping Dh690 million ($187.6 million).
In the residential space, this is the biggest deal Dubai has seen this year, overtaking the Dh600 million one where Indian billionaire Mukesh Ambani bought a second property on the Palm.
Beachfront plots and properties have been among the most coveted in Dubai this year, fuelling record prices on the Palm Jumeirah and at Jumeira Bay islands. The extension of this buying interest to Dubai Marina shows buyers are extending their search - and finding what they want.
Future residents at the project that will come up there can enjoy all the luxury trappings plus ‘unobstructed views of the sea, Dubai Eye and Palm Jumeirah’.
On the Dh690 million deal, “The plots were sold together to one buyer in a single transaction,” said Ahmed Abou El Naga, Head of Institutional Sales of Metropolitan Group, who had brokered the deal in tandem with Fakhreddin Minooeifar, founder and Chairman of Mallorca Commercial Real Estate Advisory, who represented the buyer.
We are witnessing a massive demand from international developers to expand their operations in Dubai market. Most of these multinationals are after prime plots to develop high-end luxurious projects.
The buyer - ‘a Dubai-based developer’ - plans to create an ‘ultra-luxury’ apartments and penthouses with a built-up area of 1.7 million square feet on that 100,000 square area. “There are only a handful of seafront plots available in prime Dubai neighbourhoods and they are completely off the market,” said El Naga.
"This Dh690 million deal further reaffirms Dubai’s leading positioning as a destination for prime plots and properties. We continue to work with an exclusive selection of high networth clients and remain their trusted property advisor throughout the transaction process."
Primed for luxury buyers
Recent weeks have seen developers in Dubai speeding up offplan launches, most of these in the luxury space, as they reckon that the kind of interest shown by wealthy overseas buyers - especially those from Europe - will keep flowing in. Whether it’s a Dh9 million townhouse or Dh177 million mansions, there are offplan options available. And there would be more choices entering the price mix.
A Dh90m island home
The signature deals Dubai property is recording is also happening in-land. A Dh90 million mansion sold for Dh90 million - and it’s on one of two new islands that will be built by Majid Al Futtaim Communities at the Tilal Al Ghat residential community. The developer already had a beach built into the project, and adding two islands made sense given the sustained demand for a luxury address in Dubai.
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“Lanai Islands is undoubtedly going to be one of the most exclusive communities in Dubai,” said Andrew Cummings Partner – Head of Prime Residential at Knight Frank Middle East, which was involved in the transaction. “It is also another reminder that the prime market in Dubai is now expanding beyond the traditional areas such as Emirates Hills and Palm Jumeirah, with Tilal al Ghaf set to be one of the most desirable communities in Dubai on completion.”
The Dh90 million mansion ($24 million) will be on a 25,870 square feet plot and have a built-up of 30,742 square feet.“The buyers took the opportunity to customise the mansion, creating a master suite that is over 2,000 square feet and opting for the exterior guest house to be converted into an executive office,” said Cummings. “All of this is on top of spacious en-suite bedrooms, three swimming pools, including a triple height waterfall, home spa, gym and relaxing decking that sits out on the crystal lagoon.”
To be completed in 2026, Lanai Island will have a limited collection of 13 mansions, all of them on a ‘private island in the middle of a 1.2-kilometre crystal lagoon’.