A patch of land in Dubai has sold for a record-breaking AED125m ($34m), shattering UAE real estate records in the process.
Real estate specialists Knight Frank announce the milestone sale of a Jumeirah Bay Island land plot.
The 24,500sq ft sand plot came to AED5,100 per sq ft and is a significant increase on the previous record.
Dubai real estate record
The previous highest amount ever paid for a land plot in the UAE was AED91m ($25m).
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 AED410m ($112m).
Andrew Cummings, Partner and Head of Prime Residential at Knight Frank, said: “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.
“An AED125m transaction would normally represent a spectacular penthouse or palatial mansion. However, Jumeirah 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”.
In 2022, Dubai witnessed 219 deals above this price point, making it the fourth busiest luxury home market worldwide. 2023 is poised to set new records in this thriving market segment.
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