A luxury apartment in Dubai has been sold off-plan for AED422 million ($114.91 million), and the deal has been signed as a powerful sign of confidence in the city’s real estate market and security in the UAE.
Fäm Properties has confirmed the sale of the 31, 201 sq ft apartment in Aman Residences Dubai at the Jumeirah Peninsula yesterday.
According to data published by DXBinteract, the company-created data platform in collaboration with Dubai Land Department, the transaction priced the location at AED13,525 per sq ft.
Firas Al Msaddi, CEO of fäm 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.”
He added, “Over 70% of transactions are now end-user driven, not speculative. The buyer base is globally diversified. Mortgage activity has doubled in four years.”
Al Msaddi stated, “The regulatory environment has matured. The UBS Global Real Estate Bubble Index rates Dubai as a moderate risk, while cities like Miami and Tokyo sit in the high-risk zone. The fundamentals haven’t changed overnight because of regional events.”
He reported, “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.”
He indicated, “That has long been the case, and the effect of all this is highlighted by an apartment being sold for AED422 million in the current climate, at a time when the eyes of the world are on Dubai, and the Gulf region.”
Al Msaddi highlighted that it is a sale that signifies so much about the UAE in general and, in this instance, specifically, about Dubai being one of the most preferred destinations in the world among wealthy real estate buyers.
He added, “While headlines elsewhere paint one picture of the UAE, the reality for those of us living and working here is completely different.”
