Knight Frank is thrilled to announce the record-breaking sale of a Jumeirah Bay Island land plot, marking a significant milestone in UAE’s real estate market.

The 24,500 sq ft with sand plot worth 5.1k per sq ft, was sold for an impressive AED 125 million, setting a new benchmark and making it the most expensive land plot ever sold in the history of UAE, breaking the previous record of AED 91 million.

Anne Ogilvie and Lyndsey Redstone, Associate Partners at Knight Frank represented both the seller and buyer in this historic deal. Jumeirah Bay Island has become a highly sought-after real estate commodity, with land prices soaring threefold in recent years. This sale further solidifies the island’s status as a super-prime destination, joining the ranks of exclusive developments like the Bulgari Lighthouse, which recently set the record for the most expensive penthouse sale at AED 410 million.

Andrew Cummings, Partner and Head of Prime Residential at Knight Frank commented: “Jumeirah Bay Island has not just cemented itself as the number one location for Ultra High Net Worth Individuals in Dubai, it has created a submarket only accessible by the ultra-wealthy.  An AED 125 million transaction would normally represent a spectacular penthouse or palatial mansion. However, Jumeirah Bay’s exclusivity means that this only buys you the sand on which to build your dream home.This is another sign that Dubai is the number one destination for international real estate investment due to the attractive lifestyle and business-friendly environment”.

Knight Frank’s recent research highlights the strengthening of Dubai’s US$10 million-plus homes market, AED 6 billion with 88 sales recorded in Q1 alone. In 2022, Dubai witnessed 219 deals above this price point, making it the fourth busiest luxury home market worldwide. The year 2023 is poised to set new records in this thriving market segment.