- Knight Frank, a leading global real estate consultancy, has set a new record for the most expensive plot sale in the UAE.
- The plot of land, which is located on Dubai’s Jumeirah Bay Island, went for an unprecedented AED 125m, setting a new record for the highest price ever paid for a land plot in the UAE real estate industry.
- International high-net-worth individuals interested in real estate are able to access safe money transfer services to purchase property abroad.
Knight Frank recently broke a record with the sale of a plot on Jumeirah Bay Island for an impressive AED125m ($34m), making it the highest-priced land plot ever sold in the UAE.
The agreement for 24,500 square feet of land with a sand plot at a rate of AED 5,100 per square foot sets a new record. It surpassed the previous record of AED91m ($25m) in the UAE’s real estate industry.
Jumeirah Bay Island has become a highly sought-after property, with land prices tripling in recent years. According to Andrew Cummings, partner and head of Prime Residential at Knight Frank, Jumeirah Bay Island has become Dubai’s go-to location for ultra-high-net-worth individuals.
It has created a submarket exclusively accessible to the ultra-wealthy. This is because of the island’s unique location, which offers stunning views of the Burj Al Arab and the skyline of Dubai Marina. The island is also close to some of the city’s most exclusive hotels, restaurants and entertainment venues, making it a desirable destination for the wealthy.
International high-net-worth individuals interested in real estate can access safe money transfer services to buy property abroad.
Securing any payment or transfer of funds is crucial when making international payments or purchasing a property abroad.
This sale confirms the island’s standing as a premier location, similar to the Bulgari Lighthouse, which recently sold its most expensive penthouse for AED 410m ($112m).
Evidence of Dubai’s allure as an international real estate investment destination is seen in its appealing lifestyle and business-friendly environment..
In Q1 2023, Knight Frank reported that 88 properties were sold for over $10m in the emirate.
Knight Frank reported that Dubai’s prime residential areas of Palm Jumeirah, Emirates Hills and Jumeirah Bay Island remain prominent locations for luxury home sales.
In Q1 2023, average prices for $10m homes in these sought-after locations reached AED 8,800 per square foot.
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