Dubai has set a new record for residential land sales: three plots with a private marina were sold for 690 million dirhams

Dubai's residential real estate market continues to show record sales: a 100,000 square meter plot of land with sea views in Dubai Marina was sold for 690 million dirhams ($187.6 million) at the final stage.

This is Dubai's largest residential deal in 2022. This surpasses the 600 million dirhams deal in which Indian billionaire Mukesh Ambani acquired a second property. In 2022, record prices for the most sought-after real estate and plots on the coast of Dubai were recorded in Jumeira Bay and Palm Jumeirah.

Future residents will be able to enjoy luxurious amenities and unobstructed views of the sea, the Eye of Dubai and Palm Jumeirah.

The plots are planned to be used for the construction of ultra-luxury apartments and penthouses with a total living area of about 158,000 sq. m. Only a few coastal plots are available in the prestigious areas of the emirate, but even those are completely excluded from sale. There is a huge demand in the Dubai real estate market from major international developers. Many multinational corporations are trying to acquire land plots in the best areas for the construction of exclusive premium real estate in the future.