DUBAI: LUXHABITAT Sotheby’s International Realty has announced that it has successfully closed the single biggest residential land sale in Jumeira Bay Island for AED 180 million (US$50 million). The land which is comprised of LV21 & LV22 plots, spans across a massive 46,222 sq.ft of prime beachfront location.
A location of choice for Dubai’s billionaires and beginning to resemble 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 on a single stretch in the UAE; exceeding Palm Jumeirah, Emirates Hills, Dubai Hills when it comes to the density of billionaires per sq. m. According to the Dubai Land Department, over AED 953 million in sales have been recorded in this area between January 1 and July 31 2022.
Dr. Taieser Al Saati, an Executive Partner at LUXHABITAT Sotheby's International Realty said, “This is the highest value sale since Jumeira Bay opened 13 years ago. We expect prices to grow further in the coming 12-24 months to reach AED 5,000 per sq. ft, especially with the scarcity of beachfront plots in the area. Jumeira Bay also has the highest density of billionaires on a single stretch in the UAE. Owners purchasing these plots are looking to build super-sized villas and mansions, taking full advantage of the marina access and beach frontage.”
The sale of this plot in Jumeirah Bay Island breaks the previous record of LUXHABITAT Sotheby’s having sold a site in the neighborhood for Dh150 million in January 2022, also transacted by Dr. Saati.
Residential plot sizes on the Island range from 16,000 sq ft to 37,000 sq ft. 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 provides tenants with an unrivalled location. The Island is shaped like a seahorse and spans over 6.3 million sq ft with low rise apartments, villas, a boutique resort, and a marina, also featuring the five-star Bvlgari Hotel.
About LUXHABITAT Sotheby’s International Realty
Headquartered in Dubai, LUXHABITAT Sotheby’s International Realty focuses on residential and commercial luxury sales and leasing, luxury property management, institutional investments, and luxury project developments in the UAE and beyond. LUXHABITAT Sotheby’s International Realty represents the marketing and sales partnership between Sotheby’s International Realty brand in the entire GCC region and LUXHABITAT, a design-led real estate marketing and technology company. Together, we are now the biggest and strongest marketing and selling platform for luxury real estate in Dubai, making us the foremost luxury real estate brokerage in the market today. We are focused in sourcing the best quality properties in premium residential areas such as Emirates Hills, Palm Jumeirah, Al Barari, Jumeirah Islands, Jumeirah Golf Estates, Meadows, Lakes and Arabian Ranches as well as the best apartments and penthouses in upscale buildings such as Le Reve, Index Tower, Six Towers, Burj Khalifa, The Address Hotels, among others. For more information, visit its award-winning website at www.luxhabitat.ae
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