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One of the Marsa Al Arab Villas, which are located next to the Burj Al Arab, has sold for AED 67,000,000 (USD 18,240,000) which is 30% above its initial price. The amount of the resale proceeds was around AED 20,000,000 (USD 5,450,000) while the original price of the exclusive villa was AED 47,000,000 (USD 12,800,000). It is reported that a UK citizen purchased this mansion.
The Marsa Al Arab Villas are a collection of nine exclusive and luxurious six-bedroom villa mansions. The residential development is located on an island in the Jumeirah district with quick and easy access to a private beach and stunning panoramic views of the sea. Currently the project is under development and the estimated date of handover is the fourth quarter of 2021.
The sale of the villa, which was 30% more expensive than the original price, is related to the limited number of these types of mansions and the significant jump in sales in Dubai’s luxury real estate market sector. Currently, many western investors are interested in the premium property market in Dubai due to its ability to overcome economic difficulties imposed by the coronavirus pandemic.
In the first half of 2021 the real estate market of the emirate had shown a steady growth in sales. During this period the market saw a 40% increase in real estate deals in comparison with the second half of 2020, and about a 56% increase in the transactions’ volume in comparison with the first half of last year. There were 17,434 ready deals worth AED 46,880,000,000 (USD 12,763,000,000) and 9,939 off-plan transactions worth AED 15,000,000,000 (USD 4,084,000,000) in the first half of 2021.
Another example of the sales growth in the Dubai real estate market is the fact that during the month of May, 35 homes were sold for a total amount of AED 20,000,000 (USD 5,445,000). with two-thirds of them located on the Palm Jumeirah.
Metropolitan Premium Properties also showed excellent results in its real estate sales in the first half of 2021:
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