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The price of a 24,500 square-foot plot on Jumeira Bay island has comfortably surpassed the previous record of Dh91 million to become the most expensive property transaction in the UAE.
“Land prices have increased three-fold in recent years” in Jumeirah Bay. According to Knight Frank, the most recent sale, where the Bulgari Lighthouse just set a record for the most expensive penthouse sale in Dubai at Dh410 million, “solidifies the island’s status as a super-prime destination.”
Since late 2021, Jumeirah Bay has experienced several highs in terms of transactions for its homes and plots. Even as more possibilities for beachfront locations in Dubai become available, the values rise as the amount of public land decreases.
“Jumeira 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,” said Andrew Cummings, Associate Partner at Knight Frank.
“A Dh125 million transaction would normally represent a spectacular penthouse or palatial mansion. However, Jumeira Bay’s exclusivity means that this only buys you the sand on which to build your dream home. This is another sign that Dubai is the number one destination for international real estate investment due to the attractive lifestyle and business-friendly environment.”
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