Sale hailed as main signal of confidence in metropolis’s actual property market and safety in UAE
A luxurious condo in Dubai has been bought off-plan for AED422 million, and the deal has been hailed as highly effective signal of confidence within the metropolis’s actual property market, and safety within the UAE.
The sale yesterday of the 31,201 sq ft condo at Aman Residences Dubai on the Jumeirah Peninsula, has been confirmed by fäm Properties.
Knowledge from DXBinteract, the info platform developed by the corporate in partnership with Dubai Land Division, mentioned the transaction put the worth at AED 13,525 per sq ft.
Firas Al Msaddi, CEO of fäm Properties, mentioned: “The sale of an ultra-luxury villa at this stage is especially related within the present circumstances. It underlines the truth that the Dubai actual property market is structurally stronger than it has ever been.
“Over 70% of transactions at the moment are end-user pushed, not speculative. The customer base is globally diversified. Mortgage exercise has doubled in 4 years.
“The regulatory setting has matured. The UBS World Actual Property Bubble Index charges Dubai average threat, whereas cities like Miami and Tokyo sit within the high-risk zone. The basics haven’t modified in a single day due to regional occasions.
“And naturally, the large lengths that the UAE authorities have gone to as a way to hold everybody who lives and works right here secure always, sends out the strongest doable message to buyers.
“That has lengthy been the case, and the impact of all that is highlighted by an condo being bought for AED422 million within the present local weather, at a time when the eyes of the world are on Dubai, and the Gulf area.
“It’s a sale which says a lot concerning the UAE as a complete, and on this case particularly, about Dubai as one of many world’s main locations for rich actual property buyers.
“Whereas headlines elsewhere paint one image of the UAE, the truth for these of us residing and dealing right here is totally totally different.”
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