A luxury apartment in Dubai has been sold off-plan for approximately US $115mn – the deal has been hailed as powerful sign of confidence in the city’s real estate market, and security in the UAE.
The sale of the 31,201sqft apartment at Aman Residences Dubai on the Jumeirah Peninsula, has been confirmed by fam Properties. Data from DXBinteract, the data platform developed by the company in partnership with Dubai Land Department, said the transaction put the value at $3,683 per sqft.
Firas Al Msaddi, CEO of fam Properties said, “The sale of an ultra-luxury villa at this level is particularly relevant in the current circumstances. It underlines the fact that the Dubai real estate market is structurally stronger than it has ever been.”
“Over 70% of transactions are now end-user driven, not speculative. The buyer base is globally diversified. Mortgage activity has doubled in 4 years. The regulatory environment has matured. The UBS Global Real Estate Bubble Index rates Dubai moderate risk, while cities like Miami and Tokyo sit in the high-risk zone. The fundamentals haven’t changed overnight because of regional events. And of course, the enormous lengths that the UAE authorities have gone to in order to keep everyone who lives and works here safe at all times, sends out the strongest possible message to investors,” said Msaddi.
“That has long been the case, and the effect of all this is highlighted by an apartment being sold for $115mn in the current climate, at a time when the eyes of the world are on Dubai, and the Gulf region. It’s a sale which says so much about the UAE as a whole, and in this case in particular, about Dubai as one of the world’s leading destinations for wealthy real estate investors. While headlines elsewhere paint one picture of the UAE, the reality for those of us living and working here is completely different,” concluded Msaddi.
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