This is the highest value sale since beachfront location opened 13 years ago, says expert.
The single biggest residential land sale in Jumeira Bay Island which spans across 46,222 sqft of prime beachfront location has been closed for Dh180 million ($50 million), said Luxhabitat Sotheby’s International Realty.
Jumeira Bay offers prime beachfront real estate for ultra-high net worth individuals and it’s beginning to resemble Monaco’s Larvotto district.
“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.
The sale of this plot in Jumeirah Bay Island breaks the previous record of Luxhabitat Sotheby’s having sold a site in the neighbourhood for Dh150 million in January 2022.
Residential plot sizes on the Island range from 16,000 sq ft to 37,000 sqft. Compared to Palm Jumeirah’s 4,000 plots, Jumeira Bay has only 128, making them highly coveted and exclusive, with 46 plots facing the inner bay and 82 plots further inland.
Located between the World Islands and Downtown Dubai, Jumeira Bay Island provides tenants with a central location. The Island is shaped like a seahorse and spans over 6.3 million sq ft with low-rise apartments, villas, a boutique resort, and a marina, also featuring the five-star Bvlgari Hotel.