Picture used for illustrative purposes only.
Staff Reporter, Gulf Today
LUXHABITAT Sotheby’s International Realty has announced that it has successfully closed the single biggest residential land sale in Jumeira Bay Island for Dhs180 million ($50 million).
The land which is comprised of LV21 & LV22 plots, spans across a massive 46,222 sq.ft of prime beachfront location. A location of choice for Dubai’s billionaires and beginning to resemble Monaco’s Larvotto district, Jumeira Bay offers prime beachfront real estate for ultra-high net worth individuals to build their dream homes.
Jumeira Bay has the highest density of billionaires on a single stretch in the UAE; exceeding Palm Jumeirah, Emirates Hills, Dubai Hills when it comes to the density of billionaires per squre metrt. According to the Dubai Land Department, over Dhs953 million in sales have been recorded in this area between January 1 and July 31 2022.
Dr Taieser Al Saati, an Executive Partner at LUXHABITAT Sotheby’s International Realty said, “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 Dhs5,000 per sq. ft, especially with the scarcity of beachfront plots in the area. Jumeira Bay also has the highest density of billionaires on a single stretch in the UAE. Owners purchasing these plots are looking to build super-sized villas and mansions, taking full advantage of the marina access and beach frontage.”
The sale of this plot in Jumeirah Bay Island breaks the previous record of LUXHABITAT Sotheby’s having sold a site in the neighborhood for Dhs150 million in January 2022, also transacted by Dr Saati. Residential plot sizes on the Island range from 16,000 sq ft to 37,000 sq ft. 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 an unrivalled 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.