Dubai: Plot sold for a record Dh125 million on Jumeirah Bay Island

A plot on Jumeirah Bay Island in Dubai has been sold for a record Dh125 million. Sold by global real estate consultancy Knight Frank, the 24,500 sqft sand plot was priced at Dh5,100 per sqft, making it the most expensive land plot ever sold in the history of UAE, breaking the previous record of Dh91 million.

Anne Ogilvie and Lyndsey Redstone, associate partners at Knight Frank, represented the seller and buyer in the deal.

Jumeirah Bay Island has become a highly sought-after real estate commodity, with land prices soaring threefold in recent years. This sale further solidifies the island’s status as a super-prime destination, joining the ranks of exclusive developments like the Bulgari Lighthouse, which recently set the record for the most expensive penthouse sale at Dh410 million.

"Jumeirah Bay Island has not just cemented itself as the number one location for Ultra High Net Worth Individuals in Dubai; it has created a submarket only accessible by the ultra-wealthy. A Dh125 million transaction would normally represent a spectacular penthouse or palatial mansion. However, Jumeirah Bay’s exclusivity means that this only buys you the sand to build your dream home. This is another sign that Dubai is the number one destination for international real estate investment due to the attractive lifestyle and business-friendly environment,” said Andrew Cummings, Partner and Head of Prime Residential at Knight Frank.

Knight Frank’s recent research highlights the strengthening of Dubai’s $10 million-plus homes market, Dh6 billion, with 88 sales recorded in Q1 alone. In 2022, Dubai witnessed 219 deals above this price point, making it the fourth busiest luxury home market worldwide. The year 2023 is poised to set new records in this thriving market segment.

-waheedabbas@khaleejtimes.com

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