According to Luxhabitat Sotheby’s International Realty, the largest residential land transaction on Jumeira Bay Island, with 46,222 sq ft of prime beachfront property, was completed for Dh180 million ($50 million).
Jumeira Bay, which is starting to resemble Monaco’s Larvotto neighborhood, offers outstanding beachfront real estate for ultra-high net worth individuals.
“This is the highest value sale since Jumeira Bay opened 13 years ago. We expect prices to grow further in the coming 12-24 months to reach Dh5,000 per sqft, especially with the scarcity of beachfront plots in the area,” said Dr. Taieser Al Saati, an executive partner at Luxhabitat Sotheby’s International Realty said.
Jumeirah Bay Island’s sale of this plot tops the previous record set by Luxhabitat Sotheby’s selling of a nearby site for Dh150 million in January 2022.
The Island’s residential property sizes range from 16,000 to 37,000 square feet. Jumeira Bay’s 128 plots, which are much more sought and exclusive than the 4,000 plots on Palm Jumeirah, have a total of 46 plots that face the inner bay and 82 plots that are farther inland.
Jumeira Bay Island gives residents a convenient location because it is situated halfway between the World Islands and Downtown Dubai. The Island, which is 6.3 million square feet in size and has low-rise residences, villas, a boutique resort, a marina, and the five-star Bvlgari Hotel, is fashioned like a seahorse.