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A man-made island in Dubai consisting of sand sold for a record-breaking price of 125 million dirhams ($34 million) on April 19. This sale exemplifies the thriving real estate market in Dubai, which continues to attract foreign investors. The vacant plot covers an area of 24,500 square feet and is located on the highly desirable Jumeirah Bay Island, shaped like a seahorse, and connected to the Dubai mainland by a bridge.
The transaction, facilitated by Knight Frank, achieved a new milestone by commanding a price of over 5,000 dirhams per square foot. The purchaser, who is not a resident of the United Arab Emirates, intends to construct a family holiday residence on the land. The buyer's identity has not been disclosed.
The recently sold parcel was part of a select offering of 128 plots on Jumeirah Bay Island, developed by Meraas Holding and supported by the government. This exclusivity sets it apart from other developments like Palm Jumeirah, which boasts thousands of homes. All these plots were originally sold off years ago, and some have been resold since then, yielding substantial profits for the sellers. While the master development plan prevents the land from being further subdivided, some buyers have chosen to merge multiple plots to create expansive space for constructing mega-mansions.
Jumeirah Bay Island is notable for housing the luxurious Bulgari Resort, recognized as one of the most expensive hotels in the city. Additionally, the upcoming Bulgari Lighthouse tower, even before its construction, has witnessed apartment sale prices soaring to remarkable heights. In February, the highest-priced penthouse, featuring nine bedrooms and five parking spaces, was sold for 410 million dirhams.
Real estate brokers anticipate that further records will be shattered in the future. In fact, the seller involved in the Jumeirah Bay Island transaction also owns a similar property and intends to put it on the market for 135 million dirhams, surpassing the previous sale price.
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