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Knight Frank set a new benchmark with the record-breaking sale of a land parcel on Jumeirah Bay Island for an astounding AED125 million (US$34.04 million), becoming the most expensive land parcel in UAE history.
The 24,500 sq ft sand deal smashed the previous record of AED 91 million and was worth 5.1k psf, marking a major milestone for the UAE real estate market.
Knight Frank Associate Partners Anne Ogilvie and Lyndsey Redstone represented the buyer and seller in this historic transaction. The Jumeirah Bay island has become a highly sought-after real estate commodity, with land prices soaring threefold in recent years.
The sale further cements the island’s status as a super prime location, joining exclusive developments such as Bulgari Lighthouse, which recently set a record for the most expensive penthouse sale at AED 410 million.
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Andrew Cummings, Partner and Head of Premium Residential at Knight Frank, commented: “Jumeirah Bay Island has not only cemented itself as the destination of choice for ultra-high net worth individuals in Dubai, but has also created a submarket that only the ultra-wealthy have access to. 1.25 A dirham deal usually represents a spectacular penthouse or a palatial mansion. However, the exclusivity of Jumeirah Bay means it’s just buying you the sand to build your dream home. It’s another sign that Dubai is known for its glamorous living way and a friendly business environment to become the number one destination for international real estate investment.”
Recent research by Knight Frank has highlighted the strengthening of Dubai’s $10 million+ housing market, with 88 sales worth AED6 billion recorded in the first quarter alone. In 2022, Dubai witnessed 219 transactions above this price point, making it the fourth busiest luxury housing market in the world. 2023 is poised to set new records in this booming market segment. — trade arab news agency
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