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Jumeirah Bay Island in Dubai, also now known as the "island of billionaires", has felt a sharp surge of interest from the super-rich people despite the fact that real estate prices on this artificial island have risen sharply.
On the island of Jumeirah Bay Island, where ultra-luxury real estate and luxury developments such as Bulgari Lighthouse are located, a new sales price record has been registered — in relation to a plot of 2,276 square meters, which was sold for AED 125 million ($34.04 million).
The seller and the buyer were represented in the transaction by Knight Frank partners.
In February 2023, another record was set on Jumeirah Bay Island when Dubai's most expensive penthouse was sold for AED 410 million ($111.65 million) at Bulgari Lighthouse.
According to Luxhabitat, Jumeirah Bay Island has the highest density of billionaires in the UAE, surpassing Palm Jumeirah, Emirates Hills and Dubai Hills when it comes to the density of billionaires per square meter.
The data showed that in areas with high-end real estate sales continued to grow in Q1 2023, while Jumeirah Bay saw the highest growth in the number of transactions - by 220% for an amount reaching AED 2.05 billion ($560 million), which surpasses the areas of Al Barari, Downtown and Emirates Hills. Again, the Jumeirah Bay area entered the top three along with Palm Jumeirah and Dubai Hills Estate in terms of transactions with super-prime real estate in January-March 2023.
