A plot and villa on Dubai's luxurious Palm Jumeirah have sold for Dh 600 million, reveals the latest weekly data from Dubai Land Department which roughly translates into $163 Million. The plot size is around 59,600 square feet on Frond N. This deal has just established the island destination's status as THE only place in Dubai where money goes to live!
Recently, a villa on Palm Jumeirah sold for $82.35 million, making it the most expensive mansion ever sold in Dubai. Bloomberg reports that the most expensive house ever sold in the Gulf state was an opulent property in Dubai that surpassed all previous deals in price. The residence was called Casa Del Sole and was located on Frond G of the Palm Jumeirah, a man-made island in Dubai that is designed like a palm tree. There are lavish hotels like St. Regis and Waldorf Astoria on Dubai's Palm Jumeirah, as well as multimillion-dollar mansions.
Chairman of Reliance Industries Mukesh Ambani also recently shelled out an astonishing $80 million for a beachfront property on Dubai's Palm Jumeirah. According to one of the sources, the home on Palm Jumeirah was bought earlier this year for Ambani's youngest son, Anant. Local media reported the beachfront home with 10 bedrooms, a private spa, and indoor and outdoor pools that are situated in the northern part of the man-made island.
The archipelago of islands that make up Palm Jumeirah is home to affluent houses, lavish hotels, flashy nightclubs, spas, restaurants, and expensive apartment complexes with the scenic beauty of the Persian Gulf's turquoise waters. It was first under construction in 2001, and the first residents moved in around 2007. Dubai's housing market, which accounts for nearly a third of its GDP, is recovering from a seven-year low thanks to the city's prompt response to the COVID-19 epidemic and measures aimed to give expatriates a stronger role in the economy. A 10-year visa is now available to investors who put in at least 2 million Dirhams on real estate, according to new rules.
Foreigners make up more than 80% of the population of the United Arab Emirates and have long supported the nation's economy by working mostly in the private sector, investing their earnings in real estate, or shopping at some of the largest malls in the world. Goes without saying, Indians are among the top buyers of Dubai real estate too. Here's to good life, Palms and beaches!
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