A residential land plot in Jumeirah Bay Island has been sold for AED180 million ($50 million) – as luxury real estate in Dubai gains ground amid a broader sector rush.
The 46,222 square feet beachfront was sold by luxury real estate broker Luxhabitat Sotheby’s International Realty, which said the recent transaction was its “single biggest land sale” in the area.
“This plot was one of the last of its size in a limited bay-facing supply, with the Island continuing to register significant interest from around the world,” Geoge Azar, the broker’s chairman, said in a statement.
The six million square feet mixed-use island off the coast of Jumeirah in Dubai only has 128 plots, compared to Palm Jumeirah’s around 4,000.
Azar said the area attracts billionaires and ultra-high net individuals to build their dream homes, on the back of the influx of rich people in the emirate.
“Jumeirah Bay also has the highest density of billionaires on a single stretch in the UAE. Owners purchasing these plots are looking to build super-sized villas and mansions, taking full advantage of the marina access and beach frontage,” Taieser Al Saati, an executive partner at the firm, said.
The broker is still expecting the prices to go up in the next two years.
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