Three land plots sold in Dubai for a record AED 690M (USD 187.6M)

The current year has been one of the most productive for Dubai’s real estate market. That being said, Asia’s second richest man Mukesh Ambani bought a lavish villa on Palm Jumeirah for AED 600M (USD 163.3M). In the final quarter of 2022, the record was broken by another anonymous buyer. In fact, the “Dubai-based developer” acquired 3 plots of land with a marina in Dubai Marina, with a total area of 100.000 sq. ft for a whopping AED 690M (USD 187.6M).

The deal was brokered by Ahmed Abou El Naga, head of institutional sales at Metropolitan Group.

The land is to be used for the construction of ultra-luxury apartments and penthouses with a total of 1.7 million sq. ft of living space. According to El Naga, there are only a few coastal plots available in the emirate’s prestigious areas, and they are completely excluded from sale. He notes the huge demand in Dubai’s real estate market from major international developers. Many multinational companies are trying to purchase land in high-end areas for further construction of exclusive premium properties.

The majority of developers in Dubai, striving to maintain the emerging demand from wealthy European investors, have accelerated the commissioning of luxury off-plan properties – from cozy townhouses priced at AED 9M (USD 2.45M) to exclusive mansions for AED 177M (USD 48.19M).

A Mansion on a Private Island Sold for AED 90M (USD 24M)

A luxury mansion in the Tilal Al Ghaf community by Majid Al Futtaim has been sold for AED 90M. The building will be located on a 25,870 sq. ft plot.

In addition to spacious bedrooms with immaculate bathrooms, the mansion will include 3 swimming pools, a triple-height waterfall, a home spa, a gym and a scenic terrace overlooking the crystal lagoon.