Real estate sale in Dubai brought the organizers $ 82 million

As part of the auction for the sale of real estate in Dubai, organized by IFA Hotels & Resorts and Nakheel, transactions amounted to $ 82 million, the tenantor.ru reports. Office real estate in 4 out of 10 buildings in the area of ​​the Palm Golden Mile artificial island was put up for auction. The maximum price per 1 square. A meter in small lots amounted to about 21 thousand dollars.

As part of the auction, all the proposed lots were implemented, which make up approximately 15% of the volume of all available office and living space in 10 buildings.

Werner Burger noted the President and Director of IFA Hotels & Resorts: "The successful conduct of the first auction of commercial real estate in Palm Golden Mile has laid the foundations for the entire pricing of office real estate in this prestigious region."

Recall, in Dubai - an oasis of skyscrapers in the United Arab Emirates - real estate prices rose sharply. Over the past year, growth amounted to 78%.

It is already known that for the period from the fourth quarter of 2007 to the first quarter of 2008, prices rose by 42%. Most of all, the price increase affected the Will segment - this type of housing has risen on an average of 85%. Apartments are also in increased demand.

Analysts previously predicted a sharp rise in real estate prices in the country. The fact is that a law was adopted in the UAE, allowing the sale of land in Dubai to foreigners. Demand immediately surpassed all possible expectations. Foreign investors readily buy elite plots of land to build either the highest class or hotels on them.