Man Sells Empty Plot On Jumeirah Bay Island For $34 million; Now Even Plots Are Selling At Sky-High Rates!

by Deeplata Garde
Man Sells Empty Plot On Jumeirah Bay Island For $34 million; Now Even Plots Are Selling At Sky-High Rates!

Dubai property market has been always glittering and certain deals broke the record this year. And the saga of expensive properties selling out continues in the Emirates. But given the laps of luxuries provided in certain villas and flats, we were even convinced of the price being paid. But this new deal made the netizens question the situation in the property market. An empty plot was sold for a whopping price of AED 125 Million in Dubai. Let’s find out what this empty plot holds to be sold at such an exorbitant price.

An Empty Plot In Dubai Was Sold For A Whopping Price Of AED 125 Million

Empty Plot
Pic Creds:Al Dar Island

On April 19, a pile of sand on a constructed island in Dubai sold for $34 million (125 million dirhams). All previous records were shattered post this deal for the Saudi real estate market. Bloomberg agency broke the story in one of their reports.

Do you think the size of the plot led to such an expensive deal? Well, its size is roughly 24,500 square feet, and it is situated on Dubai’s coveted Jumeirah Bay Island. That translates to about $1,400 per square foot. This is a new high, according to brokerage firm Knight Frank. Despite not being a native of the UAE, the buyer of the site intends to erect a family vacation home there.

Also Read: More And More Bollywood Celebrities Are Buying Properties In Dubai. Here’s Why!

Dubai Land Department Give More Deets About The Sold Dubai Plot

According to Dubai Land, the property was bought two years ago for 36.5 million dirhams. The department records suggest that according to the statistics of the Dubai Land Department, the seller received a profit of 88.5 million dirhams.

Why is a piece of land in Dubai so pricey? Some resources blame the high oil prices, some stand with the point that the wealthiest people stay in here. Dubai’s low crime and low tax environment, which serves as a safe haven during pandemics and wars is voted to be one of
the prime reasons.

The 127 additional plots of land on Jumeirah Bay Island were all purchased after being put up for sale by the developer Meraas Holding, which has the support of the government.

Despite the fact that the plots cannot be subdivided, some of them have sold their plots for enormous profits. So we guess the day is not far when we will witness a few sqm worths of plots being sold for exorbitant prices in Dubai.

Cover Image Courtesy: Media Library