Dubai’s Land Sale Shatters Record with Historic Price

In the Emirate of Dubai, a record sale of a 24,500-square-foot vacant plot of land has taken place for AED 125 million, or about $34 million.

Bloomberg reported that the land, which was sold on April 19, is on the island of Jumeirah Bay, “Jumeirah Bay,” which is a man-made island shaped like a hippopotamus and contains low-rise apartments and villas. The island, located off the coast of Jumeirah, can be reached by a 300-meter bridge.

Commenting on the deal, broker Knight Frank, who was one of the middlemen in the deal, said it was a “new high”, noting that an unknown buyer who does not live in the UAE is planning to build a luxury family vacation home.

The land was sold for AED 36.5 million about two years ago, meaning the seller made a profit of AED 88.5 million, according to the Dubai Land Department.

The piece of land sold last week is one of 128 originally offered on Jumeirah Bay by Dubai government-backed holding company Meraas.

Real estate brokers expect to continue to break records in the sale of this type of land, for example, the same seller of the previous plot of land owns another neighboring plot and intends to sell it for 135 million dirhams.

Source: Bloomberg

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