Villas and mansions aren’t the only hot properties on the market in Dubai right now; plots to develop them are selling just as quickly.
For the first time, a cluster of plots in the Al Wasl neighborhood are available to non-UAE nationals who want to build villas or mansions. There are just 140 of these plots available, the majority of which is 10,000 square feet. According to market sources, investors will be able to construct luxury villas and would be given full title deeds. The villa and plots would be priced starting at Dh40 million.
Until today, the City Walk development in Al Wasl, which offers upmarket residential towers, was the sole significant freehold option for non-UAE nationals. At City Walk, a new phase is being erected, replete with a big central park and apartment blocks.
“Jumeirah and Al Wasl have retained their status as Dubai’s super-prime neighborhoods even with wealthy investors having options to buy on the Palm, Emirates Hills, Dubai Hills, and Al Barari,” said Firas Al Msaddi, CEO of fam Properties. “Apart from off-plan properties, developers are again offering investors, local and foreign, options to buy land and build bespoke homes.
“The best part about locations in Jumeirah or Al Wasl is they hold their value through any market cycles – and continue to increase in value as the area matures.”
Land prices too make sharp gains
When it comes to villa plot valuations, Jumeira Bay island – home to the Bulgari resort and ultra-luxury villas – is already nearing Dh5,000 per square foot. According to market sources, prices at La Mer have risen dramatically in the previous six months, with the average now standing at Dh1,400 per square foot, up from Dh900-Dh1,000 for non-water-facing homes and Dh1,350-Dh2,000 for those in placed facing the sea and with beach access. The Al Wasl villa community, on the other hand, is currently valued at Dh1,000 per square foot.
In the recent past, Emaar’s Dubai Hills and Meydan’s District One both saw strong demand for their homes and plots.
Jumeira Bay sparkles
The Jumeira Bay island has already seen a slew of high-profile purchases, with many exceeding Dh100 million. Land for a 47,000 square foot gross floor area mansion sold for Dh150 million earlier this year, only weeks after another on Jumeira Bay sold for Dh180 million. Another off-plan deal at Dh115 million was just completed.
“Jumeira Bay Island is proving to be another very prime destination,” said Mark Castley, Chief Operating Officer of LuxuryProperty.com. “There are only a limited number of completed villas available right now.”