Record-expensive land plot sold in Dubai

A 24,500-square-foot plot of land on Jumeirah Bay Island in Dubai was sold to a private investor for AED 125 million (US$ 34 million), making it the most expensive plot ever sold in the UAE.

The Knight Frank, which brokered the deal, said the land was worth AED 100 per square foot and plans to build a custom-built mansion on it.

The seller was Umar Kamani, the 35-year-old founder of British fashion retailer PrettyLittleThing. With no more than 100 plots available for purchase on the island, buyers often approach owners of plots already purchased, offering bargains.

Usually a spectacular penthouse or luxury mansion can be bought for such a sum, but on a plot of sand on Jumeirah Bay, the buyer will be able to build the villa of his dreams.

It is worth noting that in the first quarter of 2023 in Dubai reached 6 billion dirhams, with wealthy buyers purchasing 88 flats worth over US$ 10 million. The areas of Palm Jumeirah, Emirates Hills and Jumeirah Bay Island accounted for most of the luxury housing sales (64%).

Dubai was ranked fourth globally in terms of activity in the luxury residential real estate segment. In 2022, 219 properties worth over US$ 10 million were sold in the emirate, with the total value of transactions reaching US$ 3.8 billion. According to Knight Frank, Dubai is behind New York (244 sales), Los Angeles (225 sales) and London (223 sales).

Source: THE NATIONAL

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