Real estate broker Luxhabitat Sotheby’s International Realty has announced that it has sold a plot on Jumeirah Bay Island for AED150 million, the biggest ever transaction on the island.
Following the record-breaking sales of 2021 on Jumeirah Bay Island, the latest sold plot spans over 47,000 sq ft, has an open beachfront view of the Burj Al Arab hotel and offers unobstructed beach access.
The purchaser of the plot is a young Emirati local buyer, Luxhabitat Sotheby said in a statement, adding that the seller is also a UAE national.
The buyer plans to build a mega-mansion as a private residence, the statement added.
Luxhabitat Sotheby said: “With little to no availability for beach facing view plots, the appeal of these plots is only further enhanced due to the private gated community with uber-luxury villas across the community. Jumeira Bay has become the ‘billionaire island’ across the coast of Jumeirah, Dubai.”
The agent responsible for the transaction was Dr Taieser Al Saati, associate director of Luxhabitat Sotheby’s International Realty.
Al Saati sold some of the most valuable properties in the area and across Dubai, having closed a record-breaking sum of AED850 million over the past year.
He said: “We believe in the continued demand of beachfront properties across the coast of Dubai, set to only grow in the next two to three years. We have seen premiums reach up to 120 percent for plots on the Palm and Jumeirah Bay area, owing due to its scarcity and strong value appreciation. Jumeirah Bay holds the crown of beachfront properties in Dubai.
“We expect ready super villas and mega mansions of such size and beach frontage on the island to cross the $100 million mark within the next three to five years on completion.”
Al Saati added that the Jumeirah Bay Island alone has attracted 60-70 billionaires to Dubai, with buyers from the UK, Western Europe, India, Middle East and Russia.
Located 10 minutes from Downtown Dubai, Jumeirah Bay Island is sculpted in the shape of a seahorse and is also home to the Bvlgari Resort & Residences, a luxurious resort with the world’s first Bvlgari Yacht Club.
Over AED174 billion in sales have been recorded in the area in 2021, based on data from the Dubai Land Department.
Headquartered in Dubai, Luxhabitat Sotheby’s International Realty focuses on luxury properties in premium residential areas such as Emirates Hills, Palm Jumeirah, Jumeira Bay, Al Barari, Jumeirah Islands, Jumeirah Golf Estates, Meadows, Lakes and Arabian Ranches.
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