Jumeirah Bay Island plot sells for Dh61m in new record

The plot was originally purchased for Dh34 million.

Luxhabitat Sotheby’s International Realty said on Wednesday that it sold a Jumeirah Bay Island plot for nearly double its original price at Dh61 million to a Russian buyer.

The latest sale by the company is on the heels of the transaction of the most expensive property in Dubai this year to date in Jumeirah Bay — a new community nestled off the coast between the iconic Downtown Dubai and the famous World Islands — at Dh121 million.

The company said the waterfront plot LV11 is one of only a few left remaining on Jumeirah Bay Island. Originally purchased for Dh34 million, the recent sale completed by Luxhabitat Sotheby’s International Realty saw its value rise to Dh61 million in six months, “making it the most expensive plot ever sold of its type”.

Already one of the most coveted addresses in the city, Jumeirah Bay Island is sculpted in the shape of a titanic seahorse and boasts some of the most breathtaking views imaginable. This year, the area had already recorded a total sales uptick of 26.9 per cent quarter-on -quarter at Dh689 million, as per data from the Dubai Land Department.

“Ultra-high net worth individuals from all over the world are looking for the perfect place to build their dream home. With its unique range of extraordinary properties and zero tax economic benefits, Dubai is the obvious choice. We are seeing more and more inquiries from buyers in the US, Europe and Asia who recognise the stability, innovation and prosperity of the UAE,” said Luxhabitat Sotheby’s International Realty’s CEO George Azar.

He said this type of exclusive deal is part of a continuing trend in the Dubai luxury property market. Currently responsible for over 70 per cent of the luxury property sales in Dubai, Luxhabitat have been at the forefront of the market’s explosion in 2021.

issacjohn@khaleejtimes.com

author

Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE’s mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.

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