A $30 Million Dollar Dubai Property Comes up Trumps

Arabiansands.com has learned that Nakheel, the power behind the majority of Dubai property developments is to sell a penthouse apartment in the Trump International Hotel and Tower for a massive $30Million (USD). This jaw-dropping transaction establishes a new record real estate in Dubai.

A star buy…and only $30 million dollars

Nakheel are the master developers for property in Dubai and are owned by the Government of Dubai. The penthouse in question is part of an upscale project on Dubai’s impressive Palm Jumeirah Island which is being developed by Nakheel in partnership with American property giant, Donald Trump. Nakheel’s CEO, Chris O’Donnell (presumably without grinning) is reported to have said that the first penthouse sold on the development will be for $30million.

The world record sum paid for this desirable Dubai property is by definition, hardly an everyday occurrence, but it does serve to underline the continuing property boom in Dubai. The strength of real estate in Dubai is also starting to arouse interest from overseas investors in projects in the UAE’s smaller Emirates; hardly a day goes by without press releases from developers announcing new developments somewhere in the Emirates.

In recent months, Arabiansands.com has witnessed the announcement of major property projects in Ajman, Sharjah and Abu Dhabi. A huge new Ras Al Khaimah property development particularly stands out; perhaps this is because the developers are taking a leaf out of the Dubai property book and are building La Hoya Bay Residence on a new made-made Island group named the Marjan Islands.

To many people, $30 million dollars must seem like an awful lot of money to pay for a single penthouse, but with Dubai property prices showing no sign of levelling out, these sorts of sky high figures could easily become the norm… and who knows, in a few years time when the smaller Emirates catch up with Dubai, we might see Ras Al Khaimah property or Ajman apartments hitting the headlines with record price tags.

Footnote: Arabian Sands has a very spacious 3 bedroom, luxury duplex apartment for sale on the on the 16th level of the aforementioned Trump International for the give-away price of just £2.5 Million (GBP).  At this ultra-low price, only cash buyers will be considered. For more information call 00 34 952 765 993 and ask for Mr. Tom Browning or e-mail: info@arabiansands.com