Parcel of sandy land on Dubai island sells for $50 million
An empty 2300 square metre plot of sandy land on an exclusive Dubai island has sold for a staggering $51 million.
The parcel of land, which has no structures on it, is on the the man-made Jumeirah Bay Island and was sold on April 19, the Bloomberg agency reports.
The seller, British fashion entrepreneur Umar Kamani, bought the property for $15m in 2021, scooping him a fat profit of $36m before fees.
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A parcel of sandy land on an exclusive Dubai island has sold for a record $51 million. (Photo Knight Frank) Supplied
Knight Frank, the real estate company that negotiated the off-market sale, said a dwindling supply of properties had driven up luxury real estate prices in Dubai.
The sale was noteworthy because headline-making land sales in Dubai usually have had mega mansions or luxury apartments on them.
The last most expensive land plot in the United Arab Emirates sold for $36 million.
Kamani's former property is one of the few plots of land on the seahorse-shaped Jumeirah Bay Island. It is also home to an exclusive resort and yacht club.
Last year, the most expensive property sale in Australia was a waterfront mansion in the eastern Sydney suburb of Vaucluse that fetched $62.75m.
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Property sales in Dubai are surging with property prices and rents in the emirate spiking over the past 12 months. Getty
Real estate now represents some 10 per cent of Dubai's overall gross domestic product.
After a slump due to COVID-19 restrictions, Dubai saw 86,849 residential sales in 2022, beating a previous record of 80,831 set in 2009.
Buyers and renters have filled exclusive neighbourhoods such as the Palm Jumeirah, a man-made archipelago in the shape of a palm tree that juts into the Persian Gulf.
Russian money has helped fuel the Dubai real estate resurgence.
Betterhomes, which has operated in Dubai since 1986, saw Russians lead all other nationalities in purchases by non-residents for the first time last year.
Other real estate brokers have also acknowledged anecdotally the influence Russians have had.
- Reported with Associated Press
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