Palm Jumeirah plot sale fetches a handsome Dh940 million
On a per square foot basis, deal works out to an impressive Dh3,591
Palm Jumeirah has never been short of the eye catching deal in the last two years. This December sees another one.
Dubai: A land transaction valued at Dh940 million was completed on the Palm Jumeirah area, as part of the Royal Amwaj project.
The plot spans 261,712 square feet, setting the price per square foot at an impressive Dh3,591, according to Dubai Land Department data,
With this deal witnessed by the Dubai real estate market, a remarkable surge in activity has been observed as transactions totalled Dh1.08 billion across 90 transactions in less than two hours. Leading the pack was, of course, the Palm Jumeirah, deal.
This was closely followed by another in MBR City’s District One, worth Dh 16 million, and another in the Mamzar area, valued at Dh 14.9 million.
Source: Gulf News
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“Some Chinese investors buy property in large quantities, while others prefer to invest in luxury branded residences. Naturally, this drives demand and growth in the market. Property types vary, but up-and-coming areas like Dubai Creek are seeing a lot of interest from Chinese investors,” he said.
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