SOLD! AED125 Million For The Most Expensive Piece Of Land In Dubai’s History
The luxury property market boom in Dubai shows no signs of bucking.
Case in point: A plot of land has just sold for a record-breaking AED125 million.
The land in question is located on Jumeira Bay Island where 128 plots in total were originally listed. This is an extremely elite hood, by local developer Meraas who say, ‘Jumeira Bay is the new address of choice for Dubai’s most discerning homeowners, sculpted in the shape of a titanic seahorse with commanding views of the ocean and the Bvlgari Resort & Residences Dubai.’
The land was sold by Umar Kamani, the founder and former CEO of Pretty Little Thing via Knight Frank. Kamani reportedly made a 242% profit after he purchased the same land 2 years ago for AED36.5 million (before fees), according to Bloomberg. Phew!
Umar Kamani made approximately AED 88.5 million profit in just two years…
It’s 24,500 of prime real estate located on Jumeira Bay Island
A postcode worth a million bucks, it’s another record-breaking sale for a land plot in Dubai. The sale enters local record books as the priciest piece of residential land sold in Dubai’s history along with the priciest land price per square foot.
The new owner, who wishes to remain anonymous, is reportedly not a resident but is now one of the gilded few who can call this six million square feet island, sculpted in the shape of a titanic seahorse, home. CAN YOU IMAGINE?
Dip your toes into the more pricey property on the bay right here…
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