Dubai: A 24,500 square feet plot on Jumeira Bay island has become the most expensive land sale in the UAE, and easily clearing the earlier record of Dh91 million.
Jumeirah Bay has seen 'land prices soaring three-fold in recent years'. The latest sale 'solidifies the island’s status as a super-prime destination', where the Bulgari Lighthouse recently set a record for the most expensive penthouse sale in Dubai, at Dh410 million, according to Knight Frank.
Jumeirah Bay has since late 2021 seen multiple highs on deals struck for its homes and plots. The values are pushing higher as available land becomes fewer, even as more options open up for waterfront locations in Dubai.
“Jumeira Bay Island has not just cemented itself as the number one location for ultra-high networth individuals in Dubai, it has created a submarket only accessible by the ultra-wealthy," said Andrew Cummings, Associate Partner at Knight Frank.
"A Dh125 million transaction would normally represent a spectacular penthouse or palatial mansion. However, Jumeira Bay’s exclusivity means that this only buys you the sand on which 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.”