Dubai sets new record for most expensive land plot sale in $34m deal

The Jumeirah Bay plot spans 24,500 sq ft and will be used to build a custom-built mansion,

A 24,500 square feet sand plot in Jumeirah Bay sold for Dh125 million ($34 million) last week, making it the most expensive land plot sold in the UAE.

The transaction surpassed the previous record for a land plot sale of Dh91 million, according to global property consultancy Knight Frank, which represented both the seller and buyer in the deal.

The plot was worth Dh5,100 per square foot, the broker said on Monday.

The plot was sold to an international buyer, although their identity was not disclosed. They will build a custom-built mansion on the plot.

“Jumeirah Bay Island has not just cemented itself as the number one location for ultra-high-net-worth individuals in Dubai, it has also created a submarket only accessible by the ultra-wealthy,” Andrew Cummings, partner and head of prime residential at Knight Frank, said.

“A Dh125 million transaction would normally represent a spectacular penthouse or palatial mansion. However, Jumeirah Bay’s exclusivity means that this only buys you the sand on which to build your dream home.

“This is another sign that Dubai is the number one destination for international real estate investment due to the attractive lifestyle and business-friendly environment.”