Dubai has done it again! The emirate has set yet another record by selling the most expensive land plot in the UAE. The 24,500 square feet plot located in Jumeirah Bay was sold for a whopping Dh125 million ($34 million USD).
Interestingly, the plot was purchased just two years ago by Umar Kamani, the 35-year old founder of UK-based fashion retail PrettyLittleThing. The remarkable thing is that Kamani was able to make a staggering profit of 241.66% in just two years, a true testament to the growing strength of Dubai’s real estate market.
It’s worth noting that the plot was sold to an international buyer whose identity has not been revealed. The new owner has reportedly purchased the plot with the intention of building an ultra-luxury family house.
The demand for property in Jumeirah Bay has been on the rise, driven by exclusivity and scarcity of supply in the area. With only a little over 100 plots available for purchase, many owners consider it their forever home, making it a challenge to convince them to sell their properties. This strong demand and scarcity have resulted in skyrocketing property prices in the area.
The sale of this plot is another indication that Dubai remains the top destination for international real estate investment, thanks to its attractive lifestyle and business-friendly environment. In the first quarter of 2023, luxury home sales amounted to a noteworthy Dh6 billion, signalling an economic recovery. The purchase of high-end properties is gaining momentum, indicating sustained interest and investment in Dubai’s real estate market.