Dubai sets another record in property sales: a plot worth USD 16 million was sold on Jumeirah Bay Island

Originally the plot costed USD 9.2 million.

Luxhabitat Sotheby's International Realty announced a few days ago that it has sold a plot of land on Jumeirah Bay Island for nearly double its original price at USD 16 million to a buyer from Russia.

This sale is the second most expensive transaction in Dubai after a transaction of another property in Jumeirah Bay (a new community nestled off the coast between the iconic Downtown Dubai and the famous World Islands) valued at USD 32 million.

According to the company, the waterfront plot LV11 is one of only a few left remaining on Jumeirah Bay Island. Originally it costed USD 9.2 million but its price rose to USD 16 million in six months, 'making it the most expensive plot ever sold of its type'.

Jumeirah Bay Island is one of the most desirable locations in the city, it is designed in the shape of a titanic seahorse and boasts of the most breathtaking views imaginable. In 2021, the area has already witnessed an uptick in total sales of 26.9 percent quarter-on-quarter to USD 187 million, according to the data from the Dubai Land Department.

'Ultra-high net worth individuals from all over the world are looking for the perfect place to build their dream home. With its unique range of extraordinary properties and zero tax economic benefits, Dubai is the obvious choice. We are seeing more and more inquiries from buyers in the US, Europe and Asia who recognize the stability, innovation and prosperity of UAE,' said Luxhabitat Sotheby's International Realty's CEO George Azar.

This type of exclusive deal is part of a continuing trend in the Dubai luxury property market, Azar noted. Currently responsible for over 70 percent of the luxury property sales in Dubai, Luxhabitat Sotheby's have been at the forefront of the market’s explosion in 2021.