The 24,500 square foot (2.2 thousand square meter) site is located on the famous Jumeirah Bay, a seahorse-shaped piece of land accessible via bridge from mainland Dubai. Its price is over AED 5,000 per square foot (0.09 square meter), which is a new high in the market. A buyer who does not live in the United Arab Emirates plans to build a family vacation home on the property. His identity has not been disclosed, according to Bloomberg. “That’s $125 million laid out just for the sand,” said Andrew Cummings, luxury housing manager at a Dubai brokerage. The property was purchased two years ago for AED36.5 million, according to the Dubai Land Department, making the seller a handsome profit of AED88.5 million.
Pressure for the city to become a booming property market has been fueled by high oil prices, the desire of the world’s rich to own wealth in this quiet emirate, and a sense that Dubai, with taxes and criminality low, is a refuge during the pandemic. .
Russian citizens are buying properties, while new “golden visas” for long-term residents are also attracting other wealthy people to invest in Dubai property. The city was once hampered by overdevelopment, but now, according to some brokers, there simply isn’t enough real estate in the city of the emirate, especially luxury ones.
p class=””>The site, sold last week, is one of 128 originally proposed on Jumeirah Bay by government-backed property developer Meraas Holding, making it quite exclusive compared to the thousands of homes in the area. iconic island resort of Palm Jumeirah, for example. All lots were originally sold many years ago, and some have since been resold for a good profit. General planning rules don’t allow land to be subdivided, experts say, but some buyers have combined lots to create space for mega-mansions.
Only a few houses on the island have been completed. Some of them are under construction, and many others have not started yet. The island is also home to the Bulgari Resort, one of the most expensive hotels in the world, as well as the future Bulgari Lighthouse, where apartment prices peak even before it is built. The upper penthouse, a nine-bedroom apartment with five parking spaces, sold in February for AED410 million (about $112 million).
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