A beachfront location residential plot in Dubai’s Jumeirah Bay Island has been sold at AED 180 million.
The residential land of 46,222 sqft of prime beachfront location sold at AED 180 million ($50 million).
Luxhabitat Sotheby’s International Realty said that Jumeirah Bay offers prime beachfront real estate for-high net worth individuals and it is the highest value sale since Jumeirah Bay opened 13 years ago.
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Dr Taieser Al Saati, an executive partner at Luxhabitat Sotheby’s International Realty said they expect prices to grow further in the coming 12-24 months to reach AED 5,000 per sqft.
In Jumeirah Bay Island the previous record was of Luxhabitat Sotheby’s having sold a site at AED 150 million in January 2022 while residential plot sizes on the Island range from 16,000 sq ft to 37,000 sqft.
Jumeirah Bay has 128 plots with 46 plots facing the inner bay and 82 plots further inland and these are located between the World Islands and Downtown Dubai.
Jumeirah Bay Island provides tenants with a central location and spans over 6.3 million sq ft.