Dubai: There is no slackening of sales momentum for Dubai’s property market early into 2022 – a Jumeira Bay Island plot has sold for a whopping Dh150 million. This comes just weeks after another land fetched Dh80 million there.
The latest sold plot spans 47,000 square feet in gross floor area (GFA) and, of course, comes with a beachfront view. The buyer – a young UAE National – plans to build a mansion spanning 75,000 square feet of built-up area, according to Luxhabitat Sotheby's, which arranged the deal.
“A plot of this size is exceptionally hard to find in the market right now, if existing at all,” the brokerage firm said in a statement. “With little to no availability for beach-facing view plots, the appeal of these plots is only further enhanced due to the private-gated.
“Jumeira Bay has become the ‘billionaire island’ across the coast of Jumeirah.”
We expect ready super-villas and mega-mansions of such size and beach frontage on the island to cross the $100m mark within the next three to five years on completion
No holding back luxury homes
Last year has been quite a rewarding one for luxury home sales in Dubai, with multiple deals in the Dh100 million and over range. Demand has been such plots for super-premium villas and townhouses too had no difficulty finding buyers.
All of which was reflected in the Dh151 billion in real estate transactions that Dubai recorded in last year, and the best since 2009.
Dr. Taieser Al Saati, Associate Director of Luxhabitat Sotheby’s, who brokered the Jumeira Bay deal, said: “We believe in the continued demand of beachfront properties across the coast of Dubai, set to only grow in the next two to three years. We have seen premiums reach up to 120 per cent for plots on the Palm and Jumeira Bay area, owing due to its scarcity and strong value appreciation.