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Dubai’s AED 42.5 Million Plot Sale Shatters Record

Plot in dubai real estate

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Plot in dubai real estate

In the vibrant city of Dubai, something extraordinary just happened. A piece of land was sold for an impressive AED 42.5 million on the fabulous Palm Jebel Ali project. This amazing sale is making headlines, and it’s all about the location and Dubai’s hot real estate market. Let’s take a closer look at this remarkable deal.

Plot in dubai real estate

Extraordinary Real Estate Sale

  • A Dubai real estate agent named Craig Brown, working for The Luxury Collection, sold a plot of land for a staggering AED 42.5 million.
  • The plot is located on the highly sought-after frond M of the Palm Jebel Ali project.

Premium Location

  • This isn’t just any plot; it’s a “high number” plot located right at the tip of the frond.
  • The buyer, a High Net Worth Individual (HNWI) from the UAE, had the exclusive privilege of choosing their perfect plot.

Surging Property Prices

  • Property prices in the UAE have been rising steeply, especially since the COVID-19 pandemic.
  • Earlier this year, a plot on Jumeirah Bay Island in Dubai was sold for a record-breaking AED 125 million.

High Demand for Palm Jebel Ali

  • The Palm Jebel Ali project has been generating immense interest.
  • Property agents even camped outside the Nakheel offices to secure properties, and everything available was sold out on the first day.

Project Details

  • The project consists of four fronds: M, N, O, and P, each with between 109 and 165 villas.
  • Villa prices start at AED 18 million, and the units are expected to be ready for occupancy by 2027.

Stunning Island

  • The Palm Jebel Ali island is an impressive 13.4 square kilometers, twice the size of the famous Palm Jumeirah.
  • It offers the longest coastline in Dubai and will have seven islands, 16 fronds, and three access points when finished.

Return of Craig Brown

  • Craig Brown, the real estate agent, returned to Dubai after a year away working on a personal project in Dublin.
  • He was amazed by how much the real estate market had changed in his absence, with soaring prices and frequent property launches.

Future Outlook

  • Craig believes that the trend of rising property prices in the Middle East will continue.
  • The Middle East is becoming an attractive place for people due to conflicts in other regions and high taxes in Europe.

In a nutshell

The sale of the AED 42.5 million plot on Palm Jebel Ali’s frond M is a remarkable example of Dubai’s thriving real estate market. As property prices continue to climb, Dubai is turning into a popular destination for real estate investment. The Palm Jebel Ali project, with its luxury and grandeur, is drawing attention from High Net Worth Individuals and investors worldwide.

FAQs

Can foreigners buy plots in Dubai?

Yes, foreigners can buy plots in designated Freehold Zones.

What documents are required to purchase a plot?

Passport copy, visa copy, and a No Objection Certificate (NOC) from the developer.

What is the payment structure for buying plots?

Payment structures vary, with options like full payment upon purchase or installment plans.

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