Dubai: There is no slowing down in sales momentum for the Dubai property market at the start of 2022 – a piece of land in Jumeira Bay Island sold for the colossal sum of 150 million dirhams. This comes just weeks after another pitch brought in 80 million dirhams there.
The latest lot sold spans 47,000 square feet of gross floor area (GFA) and, of course, has beach views. The buyer – a young national from the United Arab Emirates – plans to build a mansion with 75,000 square feet of built-up area, according to Luxhabitat Sotheby’s, which closed the deal.
“A parcel of this size is exceptionally difficult to find in the market right now, if it exists,” the brokerage firm said in a statement. “With little or no availability for plots overlooking the beach, the appeal of these plots is only enhanced due to private closure.
“Jumeira Bay has become ‘Billionaire Island’ across the coast from Jumeirah.”
We expect ready super-villas and mega-mansions of such size and beach frontage on the island to cross the $100 million mark in the next three to five years after their completion.
– Dr. Taieser Al Saati of Luxhabitat Sotheby’s
No restraint for luxury homes
Last year was quite a rewarding one for luxury home sales in Dubai, with several deals in the range of MAD 100 million and above. Demand has been such that land for super premium villas and townhouses has had no difficulty finding buyers.
All this was reflected in the 151 billion dirhams of real estate transactions that Dubai recorded last year, and the best since 2009.
Dr Taieser Al Saati, Associate Director of Luxhabitat Sotheby’s, which brokered the Jumeira Bay deal, said: “We believe in the continued demand for beachfront properties on the Dubai coast, which is only expected to grow in the next two to three years. We have seen premiums reach up to 120% for parcels in the Palm and Jumeira Bay area, due to its scarcity and high appreciation in value.