Dubai Number Reg Plate Auction Hits High Prices
Spending money for fantasy vehicle number plates is a good investment in Dubai, said an Emirati entrepreneur who spent over Dh3 million to purchase his favourite number at an auction on Saturday.
In its first open auction of the year, the Roads and Transport Authority (RTA) of Dubai placed 80 distinguished numbers for auction at the Godolphin Ballroom in the Emirates Towers Hotel. The numbers included numbers of two, three, four and five digits.
Waleed Abdul Khader spent Dh3.08 million to buy number 18 of O series on Saturday.
"I came here only for this number and I have got it for Dh3.08 million. It is a good investment that I am making and I advise others too to put their money in unique number plates," said the Emirati businessman.
"Investing in number plates is part of my business and I have full confidence in the potential value appreciation," he told Khaleej Times, in the middle of the auction, attended by a few hundred number plate enthusiasts.
"I have seen the value of number plates multiply several times over years. For instance, a number plate which was bought for Dh2 million about seven years ago is worth Dh30 million now.
The value of number plates has not come down and compared to investment in property or share market, this is an attractive option for me," said Abdullah Shahib, who was waiting to know the pulse of the auction before taking his turn. Some of the distinguished numbers were sold for over Dh1 million.
How popular any name or initial it contains is: You are more likely to get good money for a registration plate that spells out a name like 5UE than you are with a more unusual name, simply because there is more demand for Sue (or Dave or Mel) than there would be for Hector, Primrose or Zebedee
How valuable the letters and numbers the plate contains are: in terms of numbers, lower numbers with fewer digits tend to be the most valuable when reselling personalised number plates, making BOB 1 more valuable than BOB 379. Sequential numbers (123, 456 etc.) and repeated numbers (444, 88) are more popular than random combinations, and special occasion numbers like 18 and 21 can also boost a number plate’s value a little. In terms of the letters in a number plate, the likelihood of a series of letters being a name or a person’s initials increases the value of the plate, too.
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