Aug 26 2018   | Source: Gulf News 

Indian sells island in Dubai for Dh80 million

Dubai:  Investors are spoilt for choice when it comes to buying real estate in Dubai. In recent years, developers have lured buyers into owning extravagant and one-of-a-kind homes, such as an underwater villa or a multi-million-dirham penthouse in the world’s tallest tower.

Now, it’s even possible to buy your own private island, already complete with chalets, a swimming pool and a restaurant.

Real estate brokers in UAE are now looking for a buyer of a 420,000-square-foot island just off the coast of Dubai.  It is located in Nakheel’s The World Islands and has been on the market for about six months now. 

With a price tag of Dh80 million, the unique piece of property is called Lebanon and it’s got several chalets and a swimming pool. 

It has a volleyball court, two beaches, a restaurant, as well as a jetty to park the boat. 

According to a source, the owner of the property is an Indian businessman based in Dubai. It’s said to be the first island in Nakheel’s ambitious development to have opened its doors to the public. 

The property is currently being utilized as a beach resort and goes by the name of “The Island,” where guests can come to enjoy a day in the sun or host gatherings, from receptions, fashion shows to private events and concerts.

“We have been a hub for some gatherings, with more public events to come before the end of the season,” its website said.

While the price tag may be reasonable, it may be challenging to find a buyer who is willing to spend millions of dirhams in the current market.

"However, for the right buyer, it's a very attractive piece of prime real estate and we are hoping to find a buyer very soon,” said Yasin Valimulla, associate partner at Keller Williams Real Estate.

He said that since the property has been put up for sale, about two or three investors have expressed initial interest and followed through with viewings. “I’ve got two or three viewings and no offer as yet,” he said.

This is also not the only island for sale in Dubai right now. Nakheel and other private individuals who have invested in The World are also selling some islands, although they're mostly undeveloped, said Valimulla.

According to Luxhabitat, a five-bedroom penthouse in Downtown Dubai was earlier offered for sale for Dh102 million and a penthouse villa in The Palm Jumeirah for Dh90 to Dh93.5 million. 

Source: Gulf News 

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