The Dhs 180m plot is the largest residential sale in Jumeira Bay since its launch
Photo used for illustrative purposes only.
Staff Reporter, Gulf Today
LUXHABITAT Sotheby’s International Realty has announced that it has successfully concluded the largest sale of residential land in Jumeira Bay Island for 180 million Dhs (50 million dollars).
The land, consisting of plots LV21 and LV22, spans a huge 46,222 square foot beachfront plot. Prime location for Dubai billionaires and starting to look like Monaco’s Larvotto district, Jumeira Bay offers prime beachfront real estate for ultra-high net worth individuals to build their dream homes.
Jumeira Bay has the highest density of billionaires in a single stretch of the UAE; surpassing Palm Jumeirah, Emirates Hills, Dubai Hills when it comes to the density of billionaires per square meter. According to the Dubai Land Department, more than 953 million Dhs in sales were recorded in this area between January 1 and July 31, 2022.
Dr Taieser Al Saati, Executive Partner at LUXHABITAT Sotheby’s International Realty, said: “This is the highest sale since Jumeira Bay opened 13 years ago. We expect prices to rise further over the next 12-24 months to reach Dhs 5,000 per square foot, especially with the scarcity of beachfront land in the area. Jumeira Bay also has the highest density of billionaires in a single stretch of the United Arab Emirates. Owners purchasing these plots are looking to build large villas and mansions, taking full advantage of marina access and beach frontage.
The sale of this land in Jumeirah Bay Island beats the previous record of LUXHABITAT Sotheby’s having sold land in the district for 150 million Dhs in January 2022, also negotiated by Dr. Saati. Residential plot sizes on the island range from 16,000 square feet to 37,000 square feet. Compared to Palm Jumeirah’s 4,000 plots, Jumeira Bay has only 128, making them highly coveted and exclusive, with 46 plots facing the inner bay and 82 plots further inland. Located between the World Islands and Downtown Dubai, Jumeira Bay Island offers tenants an unparalleled location.
The island is shaped like a seahorse and spans over 6.3 million square feet with low-rise apartments, villas, a resort and marina, also including the five-star Bvlgari hotel.