A plot at Dubai’s exclusive Jumeirah Bay has been sold for $16.6 million (AED61m) – almost double the original purchase price, as the emirate’s super prime real estate sector continues to boom.
Luxhabitat Sotheby’s International Realty sold the property, which fetched $9.26m (AED34m) just six months ago.
Plot LV11 was one of Jumeirah Bay Island’s last remaining waterfront plots and was snapped up by an anonymous Russian buyer.
The deal comes after the sale of a mansion in Jumeirah Bay Island set the year-to-date record for the most expensive property sold at $32.9m (AED121m), which was also concluded by Luxhabitat Sotheby’s International Realty.
“Ultra-high net worth individuals from all over the world are looking for the perfect place to build their dream home,” Luxhabitat Sotheby’s International Realty CEO George Azar said. “With its unique range of extraordinary properties and zero tax economic benefits, Dubai is the obvious choice.”
In the first five months of the year, 22 homes worth more than $10m found a buyer, the most since 2015 and up from a total of 19 last year, which was described by Knight Frank in June as “a spectacular post-Covid rebound in luxury home sales”.
George Azar, CEO of Luxhabitat Sotheby’s International Realty.
Dubai has over 42,000 homes valued at $1m or more, second only to London, according to Knight Frank. At the same time, prime residential properties are far more affordable in Dubai than in London, New York or Singapore.
Azar added: “We are seeing more and more enquiries from buyers in the US, Europe and Asia who recognise the stability, innovation and prosperity of the UAE.”
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