During the Dubai property boom, a Jumeirah Bay Island plot is sold for almost double the original price for Dh61 million.
The waterfront plot is one of only a few left on Jumeirah Bay Island. It was bought for Dh34 million, but its value rose to Dh61 million within six months, making it the most expensive plot ever sold of its type.
Luxury is on the rise
The island is shaped like a titanic seahorse. Dubai Land Department data shows that area saw a 26.9% increase in sales this year to Dh689 million. These units are now at the top of the list of buyers looking for a bespoke home due to the limited space available.
The rising wave
Luxhabitat’s CEO George Azar said: “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.”
The Marsa Al Arab Villa on Jumeirah Bay Island at Dh121 million, the most expensive property sold in Dubai so far in 2021, is evidence of a booming property market.