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.
In recent years, personalised number plates have become increasingly popular in the UK. It is a vibrant market that appeals to a wide cross section of people, and because of this, the DVLA estimates that it has generated over £2 billion in revenue through the sale of personalised number plates over the past 25 years.
Of course, personalised number plates do not sell for a fixed amount of money. Instead, highly prized registrations sell for more, while the more common number plates sell for less.
Most personalised number plates sell for hundreds of pounds. In fact, this is one of the reasons why they are so popular — reg transfers are simple to process, they are statements of individuality, and they are relatively inexpensive.
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