A new report by a leading real estate group shows that despite the global economic downturn, there will be no slowdown in Dubai real estate.
The report cites one of the emirate’s largest residential land transactions in its history: three plots sold in Dubai Marina for a whopping Dh690 million ($187.6 million).
In total, 100,000 square feet of seafront plots have been sold in Dubai Marina, one of Dubai’s most sought-after communities famous for unobstructed views of the sea and views of iconic landmarks such as the Dubai Eye and Palm Jumeirah.
A total of 1.7 million square feet of built-up area is expected to be constructed on these plots as ultra-luxury apartments and penthouses.
The deal surpassed the previous Dh600 million sale by Indian billionaire Mukesh Ambani, who bought a property on the Palm Jumeirah, becoming the single biggest residential land sale at this point in time.
A vast number of international developers are looking to expand their operations in Dubai and the Middle East market, most of whom are interested in prime plots for high-end luxury projects.