Sales at Alef Residences development on the Palm Jumeirah have reached $30 million (AED 110m), showing a solid demand for niche ultra-luxury properties in Dubai, according to the realtor.
The 104 beachfront apartments, located on the western crescent of the Palm-tree shaped island, range from $4.3m (AED16m) to $6.9m (AED25.5m).
The first residents are expected to move into the $545m (AED2bn) development, which includes a mini-cinema and tennis court, in 2018.
Alexander von Sayn-Wittgenstein, luxury sales director at UAE property brokerage Luxhabitat, said interest in the luxury apartments from abroad shows that there is a healthy appetite in Dubai’s real estate sector.
“The Alef Residences sales reflect the continued momentum and confidence in Dubai as a leading destination for luxury properties as well as a consistent demand for niche lifestyle destinations that offer very private and spacious apartment living, complimented by a five-star round-the-clock service offering,” said von Sayn-Wittgenstein.
Dubai's real estate market attracted investors from 217 countries between January 2016 and the end of June 2017, according to the latest figures from the Dubai Land Department (DLD) database.
Investor confidence also remains high with 68 projects registered during H1 2017, for a total value of AED 21 bn.
Fully funded upfront by Al Sharq Investment, all structural work on the development is complete, including more than 70 percent of the façade, with equipment and interior furnishing fittings progressing on schedule.
Residents of the new homes will have access to all the adjacent W Hotel’s (which opens in 2018) services and leisure facilities, along with The Alef Residences’ fully serviced Club 104, with a fully equipped gym, fitness centre, yoga room, private changing rooms and bathrooms, and four private spa rooms.
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