Dubai’s real estate market is known for its luxury and exclusivity, and the recent sale of a 24,500 square feet sand plot in Jumeirah Bay for Dh125 million ($34 million) is a testament to that. The plot has set a new record for the most expensive land plot sold in the UAE, and its sale highlights the continued growth of Dubai’s prime property market.
The plot was sold to an international buyer, whose identity was not disclosed. The buyer plans to build a custom-built mansion on the plot, which is located on Jumeirah Bay Island, a highly sought-after real estate commodity. The seller, Umar Kamani, is the founder of UK-based fashion retailer PrettyLittleThing. The plot was bought by Kamani two years ago for Dh36.5 million, netting him a profit of Dh88.5 million.
Jumeirah Bay Island is a luxury residential development by Meraas Holding, with only 128 plots originally offered. The island’s exclusivity and scarcity of supply have contributed to its high demand, with many owners seeing it as their forever home. As a result, demand for properties on the island has been very strong, with buyers willing to pay big numbers for the chance to own a piece of this exclusive real estate.
Dubai’s prime residential markets, including Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, accounted for 64% of luxury home sales in the first quarter of 2023, with average transaction prices in these high-demand locations reaching Dh8,800 per square foot. Dubai’s luxury home sales hit Dh6 billion in the same period, with wealthy buyers snapping up 88 units valued at more than $10 million.
The sale of the Jumeirah Bay land plot is another sign that Dubai is the number one destination for international real estate investment due to its attractive lifestyle and business-friendly environment. Last year, Dubai recorded the sale of 219 homes priced above $10 million, with the total value of the transactions reaching $3.8 billion. While Dubai ranks fourth globally in the luxury residential market, behind New York, Los Angeles, and London, its continued growth and development make it a prime location for real estate investment.
In conclusion, the sale of the Jumeirah Bay land plot for Dh125 million has set a new record for the most expensive land plot sold in the UAE. The sale highlights the continued growth and development of Dubai’s prime property market, which has seen strong demand from wealthy buyers around the world. With its attractive lifestyle and business-friendly environment, Dubai is poised to continue its growth as a top destination for international real estate investment.
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