Knight Frank has made a record-breaking sale of a plot on Jumeirah Bay Island in Dubai for an impressive AED125 million ($34 million), setting a new benchmark and making it the most expensive land plot ever sold in the history of the UAE.
Breaking the previous record of AED91 million, the deal for the 24,500-sq-ft ‘with sand’ plot marks a significant milestone in the UAE’s real estate market.
Anne Ogilvie and Lyndsey Redstone, Associate Partners at Knight Frank represented both the seller and buyer in this historic deal. 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 AED410 million.
“An AED125-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,”
News Source: Gulf Construction