Dubai: Even plot deals on the Palm are breaking the records now.
A 671,326 square feet area right next to the super-luxury resort Zabeel Saray was bought by a European investor for Dh330 million. Making this deal the highest recorded deal for a plot in Dubai so far in 2021, and thereby making it a sign of the rise of demand for prime real estate in the city.
“This was one of only 40 plots marked for hotel/mixed-use projects on the Palm’s Crescent – and one of the last such still available,” said Shibu Raj of Dynamic Real Estate, the brokerage firm that transacted the deal. “The plot has been lying undeveloped for a while and any new project on it will add a lot of value to the Palm.” (The seller, who wished to remain anonymous, acquired the land in 2017.)
Most of the commercial plots on the Palm have already been developed, with the greatest among them being near 1 million square feet. The buyer of the Dh330 million plot has not revealed any plans so far on what could come up there. In recent weeks, the Palm has seen best-in-class villas getting Dh100 million or more and including new investors to the Palm and Dubai.
Strong competition
“There was heavy competition among potential buyers,” said Raj. “Our investor was finally able to seal the deal for Dh330 million, making him the only international investor among all the other local bidders.”
The Palm has in the recent past seen more additions, including The View, which is the most elevated point on the island. Other signature projects are nearing completion, most notably the Royal Atlantis Resort and Residences.
Recently, Dynamic Real Estate was part of a villa sale at the Palm that was sealed for Dh73 million. The five-bedroom home on the F frond has a built-up area of 11,000 square feet. “Even apartments on the Palm are feeling the pull of demand – Shoreline apartments that were earlier listing at Dh2.1 million are once again breaching the Dh3 million level.”