Dubai: After setting new records on villas and townhouses, Dubai property market is going big on plots. A plot on Jumeira Bay fetched Dh80 million – and is the most expensive of its type for the island to date. Jumeira Bay is where Dubai has its bestselling Bulgari-branded homes.
The plot sale, handled by Luxhabitat Sotheby’s International Realty, comes just weeks after a mansion on the island sold for Dh121 million – and one of the priciest transactions for the year.
“This isn’t the last of it, each successful transaction makes way for the next one up as we have access to multiple new assets on the island that were never available before today,” said Dr. Taieser Al Saati, Associate Director.
The waterfront plot - LV5 - is one of the few available on the market. It offers the chance to build a bespoke mansion and its “rarity makes it a highly sought-after commodity”. (The buyer was not named.)
Some of the eye-popping deals at Jumeira Bay include a half-floor 6,550 square feet Bulgari penthouse for Dh40 million; a mansion for Dh121 million and the most expensive sale of 2021; twin plots of 66,000 square feet that went for Dh120 million; and an LV11 plot that got Dh61 million.
"The area has seen a tremendous trajectory in transactions, totaling upwards of D800 million in 2021," said a statement from Luxhabitat Sotheby's. "The rarity of available properties for sale and high-ticket prices makes it a favourite with buyers looking for exclusivity at its peak."
According to Erick Knaider, Associate Director at Luxhabitat Sotheby’s: “Having accounted for the vast majority of land sales on the island in 2021, we've seen buyers see value in these plots at increasing price levels throughout the year as inventory dries up.
"The plot's location and view onto Dubai's skyline is quite remarkable. That has proven to be quite valuable as the land plot only took us 48 hours to sell and set a new price record for the island.”