This plot on Dubai’s Jumeirah Bay Island has sold for AED 61 million. One of the last remaining available plots of land on Dubai’s affluent seahorse-shaped Greater London has sold for AED 61 million (US$16.6 million).
The empty waterfront lot traded around four weeks ago “making it the most expensive plot ever sold of its type,” according to brokerage Luxhabitat Sotheby’s International Realty, which handled the big-ticket sale.
Nestled off the coast between Downtown Dubai and the World Islands—the man-made archipelago of islands in the shape of a world map—the corner plot was bought by a Russian buyer, according to a news release from the brokerage.
The unnamed buyer, who Mansion Global could not identify, plans to build a mansion for personal use overlooking the beach and taking advantage of the city views.
“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,” George Azar, Luxhabitat Sotheby’s International Realty’s CEO, said in a statement.
“We are seeing more and more inquiries from buyers in the U.S., Europe and Asia who recognize the stability, innovation and prosperity of the U.A.E.,” he added.
High-end home sales are soaring in Dubai, where July marked the strongest month on record for the Emirate’s luxury housing market , according to a recent report from chartered surveyor and property consultant Cavendish Maxwell.
There were 117 sales of prime properties—defined as those priced at AED 10 million or more—last month.
Villas accounted for 75 of those transactions, including an AED 121 million property, also on Jumeirah Bay Island that now holds the record of the the most expensive home transacted in the emirate.
Across the entire Dubai market, prices rose 1.9% in July, marking the ninth-straight month of price growth, the data showed.
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