According to a report by Bloomberg, a patch of sand on a lavish island in Dubai has just sold for an eye-watering $34 million, which is more than three times the amount its previous owner paid for it. The sand in question spans over 24,500 square feet, equivalent to roughly half the size of a football field.
Jumeirah Bay Island, where the sand is located, was artificially created to resemble a seahorse. “125 million for sand,” quipped Andrew Cummings, head of Knight Frank prime residential in Dubai, referring to the sale’s price in United Arab Emirates dirhams.
“While the media has been buzzing about lavish villas and stunning penthouses, this land plot is truly a game-changer,” said the spokesperson. The plot of land in question has set a massive record with its staggering sale price. Bloomberg reported that the new owner, who remains anonymous, intends to use the plot as a vacation home for their family.
According to Bloomberg, Umar Kamani, the mastermind behind PrettyLittleThing, UK’s fast-fashion giant, sold this piece of land at a significant markup from the $10 million he initially paid for it two years ago. It has been revealed that Kamani also possesses an identical adjacent plot of land, which he plans to put on the market for a whopping $36.7 million.
The cost of land on Jumeirah Bay Island is exorbitant due to the scarcity of available plots. In total, only 128 plots were initially up for grabs, which has resulted in inflated prices. This is in stark contrast to other Dubai islands like Palm Jumeirah, which is home to thousands of properties, and the World Islands archipelago, which boasts 300 dwellings.
Jumeirah Bay Island is considered one of the most highly desirable locations due to its exclusivity, luxurious amenities, and prime location in Dubai.
With just under 130 plots of land available, it is an extremely rare and prestigious opportunity to own property in Dubai, especially right next to the waterfront. Additionally, Jumeirah Bay Island is home to a number of high-end residential and hospitality projects, such as Bvlgari Resort & Residences and the Four Seasons Resort Dubai. Plus, with proximity to Downtown Dubai and the Dubai International Airport, it’s very easily accessible for vacationers.
In September of last year, LUXHABITAT Sotheby’s International Realty made headlines for selling two plots of land on Jumeirah Bay Island for a staggering $50 mil. However, now Umar Kamani is looking to outdo that record by selling his adjacent pair of plots for a whopping 41% more than that amount, signaling a continued trend of rising property values on this exclusive island.
Arabian Business reported that earlier this year, a penthouse at the Bulgari Lighthouse on Jumeirah Bay Island became Dubai’s priciest dwelling, selling for an astonishing $112 million. This record-breaking sale is yet another indication of the island’s exceptional real estate market and its reputation as a hub for the world’s most affluent individuals.