A rendering of the Solaya development in Dubai.
Source: Brookfield Properties and Dubai Holding
Dubai’s Unbuilt Penthouses Spark Bidding Spree Among Ultra Rich
The city’s off-plan housing market is on a tear, drawing buyers from around the world and underpinning the latest surge in prices.
Brookfield Properties’ new luxury project in Dubai is yet to be constructed, but bidding wars are already underway. Wealthy buyers from around the world are vying for apartments on the Solaya waterfront development, pushing indicative prices for penthouses above $24 million.
Bidding is restricted to uber-rich house hunters who must prove they have the cash by submitting a 1 million dirham ($272,000) check just to make expressions of interest, according to promotional materials seen by Bloomberg News. Only a select number are allotted apartments while unsuccessful bidders get refunds. The process, run jointly by Brookfield and Dubai Holding, offers a rare look at the inner workings of one of the world’s hottest property markets.