Properties that are limited in supply are spearheading the growth of the Dubai Real Estate Market. Over the past five years, we have witnessed a growing steady demand from end-users and investors to purchase plots and develop their own villas or to build and sell to end-users.
The Al Wasl Land complex offers expatriate foreign investors a mere 140 plots, with permission to build luxury residential villas with a complete freehold title.
Centralized between DIFC, Downtown, Business Bay and Sheikh Zayed road from one side, and CityWalk, Box Park, The Dubai Canal, Jumeirah and Bvlgari island from the other side, the location cannot get more strategic. Yet not many foreign investors and expatriates are aware that they have the opportunity to buy freehold lands or villas in the heart of Dubai.
With such a prime location and price point, I have myself purchased several lands in Al Wasl complex and I have started to construct my own private residence here.
fäm Properties have become an equity partner with investors in acquiring over 13 plots to develop ultra-luxury villas. We estimate to sell these villas anywhere between AED 30 to 45 million, depending on the built-up area of the property, which ranges between 14,000 to 20,000 sqft. The development of these villas is managed by fäm Real Estate Development Management team to ensure quality and timely delivery. We estimate the value of these villas to cross AED 500 Million and we predict handover to happen in February 2023.
In the past 6 months, 27 plots were sold as compared to only 7 plots during 2021, that is a 400% increase in sales volume.
The equation of supply and demand is fundamentally the most important factor in any market. In Dubai, the one and only location with free-hold permission to buy or to build a luxury private villa is in Al Wasl, a project that was sold by Meraas. Jumeirah Bay villa lands is approaching 5000 DHS per sqft whereas La Mer villa lands have also increased a lot during the past 6 months from 900 DHS per sqft to 1400 DHS for non sea facing, and from 1350 DHS to 2000 DHS per sqft for sea-facing with beach access plots. Whereas, Al Wasl is going for an average of 1000 DHS per sqft as land price.
With such limited supply and increasing demand, Al Wasl is set, not just to hold value throughout any market cyclicality, but also to continue increasing in value as the area matures.
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