November 29, 2023

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Dubai’s Jumeira Bay island plot sells for Dh125m and units new UAE document

1 min read

Dubai: A 24,500 sq. toes plot on Jumeira Bay island has turn into the costliest land sale within the UAE, and simply clearing the sooner document of Dh91 million.

Jumeirah Bay has seen ‘land costs hovering three-fold lately’. The newest sale ‘solidifies the island’s standing as a super-prime vacation spot’, the place the Bulgari Lighthouse just lately set a document for the costliest penthouse sale in Dubai, at Dh410 million, in line with Knight Frank.

Jumeirah Bay has since late 2021 seen a number of highs on offers struck for its houses and plots. The values are pushing greater as out there land turns into fewer, at the same time as extra choices open up for waterfront places in Dubai.

“Jumeira Bay Island has not simply cemented itself because the primary location for ultra-high networth people in Dubai, it has created a submarket solely accessible by the ultra-wealthy,” mentioned Andrew Cummings, Affiliate Companion at Knight Frank.

“A Dh125 million transaction would usually characterize a spectacular penthouse or palatial mansion. Nonetheless, Jumeira Bay’s exclusivity signifies that this solely buys you the sand on which to construct your dream house. That is one other signal that Dubai is the primary vacation spot for worldwide actual property funding as a result of enticing life-style and business-friendly setting.”

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