A 24,500-square-feet plot in Jumeirah Bay in Dubai has sold for 125 million dirham ($34 million or ₹278 crore), making it the most expensive plot to be sold in the UAE, says a report. Worth 5,100 dirham per square foot, the plot has been sold to an international buyer, who will build a mansion on the plot, the report adds.
Earlier, the most expensive land deal in the UAE was 91 million dirham ($24 million), according to property consultant Knight Frank. The sale “solidifies the island’s status as a super-prime destination,” Knight Frank said in a press release announcing the deal.
The deal is making news because of the small size of the plot of sand. Andrew Cummings, Partner and Head of Prime Residential at Knight Frank, in a statement said, “A $34 million real estate deal in Dubai would normally represent a spectacular penthouse or palatial mansion. However, Jumeirah Bay’s exclusivity means that this only buys you the sand on which to build your dream home.”
The seahorse-shaped Jumeirah Bay Island is home to the Bulgari Resort and Residences and the Bulgari Yacht Club.