UAE real-estate: Jumeirah Bay Island plot sale is the most expensive ever

UAE real-estate: Jumeirah Bay Island plot sale is the most expensive ever

A plot of land in Dubai's posh Jumeirah Bay Island was sold for a record AED 125mln ($34 million), making it the most expensive land plot ever sold in the history of the UAE real-estate market.

"The 24,500 sq.ft. with sand plot worth 5.1k per sq.ft., was sold for an impressive AED 125 million, setting a new benchmark and making it the most expensive land plot ever sold in the history of UAE, breaking the previous record of AED 91 million," global property consultancy firm Knight Frank said in a statement.

“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," Andrew Cummings, Partner and Head of Prime Residential at Knight Frank, said.

"An AED 125 million 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," he added.

Anne Ogilvie and Lyndsey Redstone, Associate Partners at Knight Frank represented both the seller and buyer in this historic deal.

According to Knight Frank analysis, the emirate registered 88 home sales over $10mln in Q1 2023.

Knight