Dubai: Villas and mansions aren’t the only hot deals happening Dubai’s property market right now – plots to build them are getting picked up just as fast.
A cluster of plots to develop villas/mansions in the Al Wasl neighbourhood are to non-UAE Nationals too for the first time. Only 140 of these plots are available, with the majority being of 10,000 square feet. Investors can build luxury villas and will be granted full title deeds, according to market sources. Price range for the villa and plots would start from Dh40 million.
Until now, the only such prominent freehold option for non-UAE Nationals in Al Wasl was the City Walk development, which offers upscale apartment buildings. There is a new phase – also featuring apartment blocks - built at City Walk, complete with a massive central park.
“Jumeirah and Al Wasl have retained their status as Dubai’s super-prime neighbourhoods 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 offplan 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.”
Land prices too make sharp gains
When it comes to villa plot values, Jumeira Bay island – home of the Bulgari resort and super-prime villas – is fast approaching the Dh5,000 a square foot mark. On the same Jumeirah stretch, those at La Mer have seen sharp increases in the last six months, market sources say, with the average at Dh1,400 per square foot against Dh900-Dh1,000 earlier for non-sea-facing locations and Dh1,350-Dh2,000 for those set facing the sea and with beach access. In comparison, the Al Wasl villa community values are currently at Dh1,000 a square foot.
Dubai Hills by Emaar and District One from Meydan too had seen impressive take up rates for their villas and plots in the recent past.
“Property buyers could combine the plots if they want a bigger expanse for the villas or mansions,” said Firas Al Msaddi, CEO. “We estimate the value of these villas to cross Dh500 million and expect handover to happen in February 2023.”
Jumeira Bay sparkles
The Jumeira Bay island has already clocked a series of impressive transactions, many well upwards of Dh100 million. Earlier this year, land for a 47,000 square feet gross floor area mansion deal fetched Dh150 million and came just weeks after another on Jumeira Bay sold for Dh180 million. More recently, there was another offplan deal for Dh115 million.
“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.”