A premier plot on the iconic Jumeirah Bay Island in Dubai has sold for a file-breaking AED 70 million or about US $19 million – signaling a reliable end to an by now potent year for the luxury serious estate brokerage Pushed Houses.
“Luxury serious estate was usually in large demand in Dubai, but this 12 months it has been additional seen than at any time,” suggests Lina Allaoa, the affiliate partner at Driven who concluded the sale. “The value of this plot is the best obtained for a single, residential plot in Dubai. It comes as a accurate testomony of how much the ultra-luxurious finish actual estate sector has occur.”
The sale comes at an fascinating time in Dubai’s assets market place. In accordance to the latest report from professional authentic estate expert services business CBRE, prices have rebounded from the document lows at the close of 2020 with regular household residence costs mounting 4.4% during the to start with 8 months of 2021, the quickest level given that early 2015.
“Only a 12 months back, very similar plots have been transacting at AED 35 million,” Allaoa says, or about US $9.5 million.
The quantity of transactions has also drastically increased, up 56% when as opposed to the exact same period in 2019.
Situated on Jumeirah Bay Island, the plot is among some of the most distinctive waterfront qualities in the world.
Intentions for the plot are nevertheless to be introduced, but with a spot renowned for luxury housing, lavish resorts and globe-class accommodations, these as the Bulgari Vacation resort and Residences, the possibilities for enhancement are abundant.
Pushed Qualities is a founding member of Forbes Worldwide Qualities, a purchaser market and membership network of elite brokerages selling the world’s most luxurious houses.