American jays prefer… sandy plots in his desert Dubaiwhere ultra-luxury facilities will be created for golf enthusiasts, Indians are buying ultra-luxurious apartments in the skyscrapers of Dubai, while Russians and Chinese are buying holiday villas in Puke and Bangkok. The Bloomberg news agency reports the relevant in its extensive reports, capturing the frenzy that prevails in the real estate market, which is aimed at very few.
Let’s start things from the beginning. In the case of Dubai Desert, it’s a big branded development project Discovery Dunes from private equity literally in the middle of nowhere. It neither has an ocean view nor is it close to the city center. However, interested buyers are already snapping up these properties, which start at $6 million for the land, not including the cost of building a new home.
The entire project has been undertaken by the American construction company Discovery Land Co., which specializes in golf courts high quality as well as in the construction of houses. It acquired the land for 1 billion dirhams or 272 million dollars and it is financially covering the implementation of its plans. Notably, this is also its first project in the Middle East, although founder and chairman Michael S. Meldman emphasizes that it is negotiating a second land purchase in Dubai and is additionally considering several sites in Saudi Arabia.
The desert site in question is a long way from Scottdale, Arizona, where the company is based, but Meldman has been looking for the right place to build in the emirate for 15 years. The facilities under construction are close to Dubai’s second airport and the private jet terminal, and will be interconnected to bypass traffic congestion. The plots cost from 6 to 25 million dollars. Several mid-rise apartment buildings will be built near the golf courses. Meldman estimates that from the existing area of 600 acres he will get about 6 billion dollars. So far 10%-15% of the “plots” have been sold and half have been acquired by Americans.
In addition to Americans, Dubai also offers a lure for Indian tycoons, who accumulate wealth from their diverse and international business activities and invest in expensive real estate. One of their options is the ultra-luxurious apartments in the behemoth skyscrapers of Dubai, but also the mansions in the gated Emirates Hill neighborhood, named after Beverly Hill in Los Angeles, California.
Another country that is once again considered a favorite destination for the world’s wealthy is Thailand. After spending a period of isolation due to a pandemic, it has once again become a holiday destination. In Bangkok, Phuket and Pattaya, Chinese and Russians top the list for foreign home buyers. In the 9 months of 2023, 10,703 properties with a cumulative value of $1.5 billion were sold to foreigners, according to the Real Estate Information Center. This is an increase of 38% from last year, with the Chinese acquiring 4,991 homes and the Russians in second place with just 962, while the highest proportion of 37.5% of the total is for unit sales in the capital Bangkok.
