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.
The UK in particular has a relationship with personalised number plates. According to estimates by the DVLA (Driver and Vehicle Licensing Agency), the UK reported an excess of two billion pounds in tax revenue from tax auctions over the past 25 years. As they are keen to state, an expression of interest in a particular plate by three people or more is enough to push the price of that Reg plate through the roof. It has also been documented that the buyers let their hearts take control of their heads when they bid for these plates.
Personalised number plate auctions are constantly rewriting the record books with regard to the highest price paid for a plate. The record currently stands at £518,000 which is quite impressive. The prices of these Regplates does not seem to be slowing down either.
Of particular interest is the recent auction of the highly-hyped 250 C Reg plate which sold for £21,500. This is a clear indication that the expectations for the prices of personalised number plates will continue to increase.
Established For Over 25 Years
the Cherished Numbers Guild
- Free transfer service - your paperwork is handled by our trained team
- Over 25 years expertise - long established and trusted company
- DVLA Recognised Reseller - linked directly from the DVLA website
- DVLA Registered Number Plate Supplier - in line with all DVLA & MOT regulations