A plot of land on Dubai's Jumeirah Bay Island has been sold for a record Dhs125 million.
The 24,500 square feet of sandy land was sold by global real estate consultancy Knight Frank for Dhs5,100 per square foot, making it the most expensive plot of land in the history of the UAE, breaking the previous record of Dhs91 million.
Anne Ogilvie and Lyndsey Redstone, associate partners at Knight Frank, represented the seller and buyer in the transaction.
Jumeirah Bay Island has become a highly sought-after real estate commodity, with land prices having soared threefold in recent years.
The deal further cements the island's status as a super high-end destination, joining the ranks of exclusive developments such as the Bulgari Lighthouse, which recently set a record for the most expensive penthouse sale at Dhs410 million.
"Jumeirah Bay Island has not only cemented itself as the number one choice for Dubai's ultra-high net worth individuals, but has also created a sub-market that only the super-rich can access. a Dhs125 million deal usually represents a spectacular penthouse or palatial mansion.
However, the exclusivity of Jumeirah Bay means that this can only buy you the sand to build your dream home. This is another sign that Dubai is the number one destination for international property investment because of its attractive lifestyle and business-friendly environment," says Andrew Cummings, Partner and Head of Premier Residences at Knight Frank.
Recent research by Knight Frank highlighted the strengthening of Dubai's Dhs6 billion residential market above $10 million, with 88 sales recorded in the first quarter alone.
In 2022, Dubai witnessed 219 transactions above this price point, making it the fourth busiest luxury residential market in the world. 2023 is expected to set new records in this booming market segment.
