Most Expensive Plot in the UAE Sold For AED125 Million
- Publish date: Tuesday، 25 April 2023
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The most expensive land plot ever sold in UAE history was sold by Umar Kamani, the founder and former CEO of Pretty Little Thing via Knight Frank for a record-breaking AED125 million ($34.04 million). The plot is located on Jumeirah Bay Island.
Read More: Most expensive villa in Dubai sold
Setting a new record and breaking the previous record of AED 91 million, the 24,500 square foot sand plot, valued at 5.1k per square foot, became the most expensive land plot ever sold in the history of the United Arab Emirates.
In this historic transaction, both the seller and the buyer were represented by Anne Ogilvie and Lyndsey Redstone, Associate Partners of Knight Frank. Land prices on Jumeirah Bay Island have tripled in recent years, making it a highly sought-after real estate investment.
By joining the ranks of prestigious constructions like the Bulgari Lighthouse, which recently established the record for the most expensive penthouse sale at AED 410 million, this transaction further establishes the island's reputation as a super-prime vacation spot.
The market for properties costing $10 million or more in Dubai is growing, reaching AED 6 billion with 88 transactions in Q1 alone, according to the latest research from Knight Frank.
The market for properties costing $10 million or more in Dubai is growing, reaching AED 6 billion with 88 transactions in Q1 alone, according to the latest research from Knight Frank. Dubai experienced 219 transactions above this threshold in 2022, ranking it as the fourth busiest luxury housing market globally.
In this booming business sector, 2023 is expected to break all previous milestones.