'Maldives in Dubai' nearly sold out: Football star, millionaires from UK, India, Pakistan among buyers

Located on The World Island, 22 out of 24 ultra-luxury villas have been snapped up by ultra-high-net-worth individuals

Waheed Abbas

Published: Mon 28 Oct 2024, 10:06 PM

The upcoming ultra-luxury project Amali Island—known as the Maldives in Dubai—has been almost sold out. It was bought by an international footballer and millionaires from Britain, India, Pakistan, and other countries.

Located on The World Island, out of 24 uber-luxury villas, 22 have been snapped up by ultra-high-net-worth individuals, reflecting unprecedented demand for uber-luxury properties.

Advertising

In a single deal involving Dh400 million, the company sold the priciest villa, worth Dh200 million, plus two neighbouring villas, worth Dh100 million each.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

In total, 12 were priced around Dh50 million, nine cost approximately Dh75 million, two at Dh100 million and the main crown jewel cost Dh200 million. One property worth Dh75 million and Dh50 million villa are still available to be grabbed.

“We wanted to create something that Dubai has not seen before. We thought of creating Maldives here in Dubai. It took almost a year to find an ideal island that we wanted,” said Amira Sajwani, COO and co-founder of Amali Properties.

Attracts Indian, Pakistani buyers

Dubai has seen a massive influx of high-net-worth individuals post-pandemic, driving higher prices and rentals for the luxury property market.

While replying to a query about nationalities, she said the diversity of nationalities was also surprising for them.

“The diversity of nationality that we have on the island is incredible. We have a real mix of buyers. There is an increase in British buyers. Then there are Indians, Pakistanis, Lebanese and Cypriots,” she said, adding that the company plans to expand its brand, but right now, the entire focus is on delivering the island to customers.

“Across the buyers, we do have some special newsworthy names. We have an international footballer who purchased a villa matching his jersey number,” Sajwani told Khaleej Times.

Amali Properties didn't disclose the name of the footballer. The world’s most popular footballer, Cristiano Ronaldo, wears a 7-number jersey, while Lionel Messi wears a 10-number jersey.

No slowdown

Sajwani sees no signs of a slowdown in Dubai's real estate market.

"Dubai is a very different place compared to ten years ago. We were selling a dream at a premium ten years ago. Today, we are selling a reality at a discount. The kind of safety, the standard of lifestyle and the opportunities Dubai provides don't compete with anywhere in the world. We're in a whole other league. Many are actually moving to Dubai with their families because they're getting Golden Visas that allow them 10 years of residency. In addition, other initiatives are linked not just to the real estate market but to the business opportunities being provided. The UAE as a whole is a hub for the entire world today," she said.

Sajwani elaborated that the city's population is growing exceptionally fast and "there will be a shortage of units to cater to the needs of the people moving to Dubai. People say that Dubai is on the brink of a slowdown because there's too much supply. But supply is still not catching up to the number of people physically moving to the country."

Amali Properties' co-founder added that the luxury segment is just a few years old in Dubai, so it will continue to do very well. "Developers that have a track record of delivering good quality products will do very well. Also, the middle segment with good locations, pricing, and products will continue to grow," she concluded.

ALSO READ: