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The real estate market in Dubai witnessed the sale of a vacant plot of land on Jumeirah Bay Island for 125 million dirhams ($34 million), on April 19, setting a record in a market that receives an influx of foreign wealth.
The land, which covers an area of 24,500 square feet, is part of the island shaped like a seahorse, and can be accessed by bridge from the mainland.
With a more detailed calculation, the price reaches more than 5,000 dirhams per square foot, which the broker of the deal, Knight Frank, described as a new high, according to Bloomberg.
The buyer plans to create a home on the island for the holidays, but his identity has not been disclosed.
The property was purchased two years ago for 36.5 million dirhams, according to the Dubai Land Department. Which makes the seller achieve a high profit exceeding 80 million dirhams.
Dubai has become a strong real estate market, driven by high oil prices, and the desire of the world’s wealthy to pour their wealth into its real estate, as they see that the emirate is low in taxes and crime, and that it was a safe haven in times of epidemic and war.
The land, which was sold last week, is one of 128 plots offered on Jumeirah Bay Island by Meraas Holding, making it quite exclusive compared to the thousands of homes on the iconic Palm Jumeirah.
According to Bloomberg, all of the land was initially sold years ago, and some were later sold off at great profits.
The island also includes the Bulgari Resort, which is one of the most expensive hotels in Dubai, in addition to the futuristic Bulgari Lighthouse Tower, where the sale prices of apartments reached high levels even before they were built.
And the most expensive penthouse, consisting of nine bedrooms and five parking spaces, was sold for 410 million dirhams in February.
The real estate company expects to continue breaking records. The seller in the Jumeirah Bay Island deal also owns, for example, a similar plot of land next to the first, and intends to offer it for Dh135 million.
