Dubai’s Jumeirah Bay plot sells for double price

Dubai: A Jumeirah Bay Island plot for nearly double its original price at Dh61 million.

The waterfront plot is one of only a few left on Jumeirah Bay Island. Originally purchased for Dh34 million, the sale saw its value rise to Dh61 million in under six months, making it the most expensive plot ever sold of its type.

The island is sculpted in the shape of a titanic seahorse. This year, the area received a 26.9 per cent uptick in sales to Dh689 million, as per data from the Dubai Land Department. Given the limited space available, these units are now top of the list for luxury property buyers looking for a bespoke home.

Luxhabitat’s CEO George Azar said: “Ultra-high net worth individuals from all over the world are looking for the perfect place to build their dream home. With its unique range of extraordinary properties and zero tax economic benefits, Dubai is the obvious choice.”

Given their recent record for the most expensive property sold in 2021 so far, a Marsa Al Arab Villa at Dh121 million on Jumeirah Bay Island is the evidence of a booming period in the Dubai property market.