A premier plot on the iconic Palm Jumeirah in Dubai has sold for a record-breaking AED 70 million or well-nigh US $19 million – signaling a solid finish to an once strong year for the luxury real manor brokerage Driven Properties.
“Luxury real manor was unchangingly in upper demand in Dubai, but this year it has been increasingly visible than ever,” says Lina Allaoa, the socialize partner at Driven who completed the sale. “The value of this plot is the highest achieved for a single, residential plot in Dubai. It comes as a true testament of how far the ultra-luxury end real manor industry has come.”
The sale comes at an interesting time in Dubai’s property market. According to the latest report from commercial real manor services visitor CBRE, prices have rebounded from the record lows at the end of 2020 with stereotype residential property prices rising 4.4% during the first 8 months of 2021, the fastest rate since early 2015.
“Only a year ago, similar plots were transacting at AED 35 million,” Allaoa says, or well-nigh US $9.5 million.
The number of transactions has moreover dramatically increased, up 56% when compared to the same period in 2019.
Located on the Palm Jumeriah, the plot is among some of the most sectional waterfront properties in the world, where luxury penthouses are sold for upwards of $23 million.
Intentions for the plot are yet to be announced, but with a location renowned for luxury housing, lavish resorts and world-class hotels, the options for minutiae are plentiful.
Driven Properties is a founding member of Forbes Global Properties, a consumer marketplace and membership network of peerage brokerages selling the world’s most luxurious homes.