Recently, a foreign investor bought the most expensive building site on the man-made Palm Jumeirah island in Dubai for AED 330 million ($89.85 million). This purchase became the most expensive land sale transaction in Dubai this year, which indicates the growing demand for luxury real estate in the emirate. This plot is located on The Crescent next to the luxury resort Zabeel Saray. The land area is 62.368 sq. m.
Transactions of recent months demonstrate that more and more buyers are interested in purchasing real estate and plots on the Palm Jumeirah. This increased interest is reflected in the villas’ prices in Dubai. Now the sale of land plots on the island is reaching record levels.
In a nutshell: about the plot
It was one of 40 sites designated for building hotels and mixed-use projects on Palm’s Crescent. And one of the last such construction sites remains undeveloped. It has been empty for a long time, and any new project on it will increase the value of real estate on the entire Palm Jumeirah. The seller, who wished to remain anonymous, purchased this land in 2017. Bidding for the plot was intensive, and in the end, a European investor won it, the only international investor among all other local bidders.
Most of the commercial sites have already been built on the Palm Jumeirah. The largest of them covers an area of about 92,903 sq. m. The buyer of the site on The Crescent for $89.85 million has not yet announced any plans for what he is going to build there. In recent weeks, the island has also experienced a boom in the sale of luxury villas worth from AED 100 million ($27.23 million) on the island and beyond.
About other ambitious construction projects
In recent years, the construction of several iconic properties on the Palm Jumeirah has been completed, which have transformed the island. Other interesting projects are going to be done, primarily the complex of hotel and residential real estate Royal Atlantis Resort and Residences.
Recently, one of the most expensive villas in Dubai was also sold here. It became a 5-bedroom house for AED 73 million ($19.87 million) on one of the “branches” of the Palm Jumeirah with an area of 1,021 sq. m. Experts also claim that apartments on the island are also in high demand today.
In 2001, the initial price for a villa in the Signature complex was AED 4.5 million ($1.23 million), and the villa was sold with a 30% markup. This deal was the first on the secondary market of the Palm Jumeirah. The same villa today costs more than AED 70 million ($19.06 million).
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