Plot of land covered in sand was sold for $34 million in Dubai

Plot of land covered in sand was sold for $34 million in Dubai

A record-breaking amount was paid for beachfront property on the man-made Jumeirah Bay island in Dubai

A plot of land covered in sand located on the man-made island of Jumeirah Bay in Dubai recently sold for a staggering 125 million dirhams ($34 million), setting a new record for this type of real estate transaction, according to Knight Frank, the broker involved in the sale.

The previous owner, who had purchased the site just two years ago, made an impressive profit of 242%. Furthermore, they also possess an adjacent plot, which could potentially sell for an even higher price of 135 million dirhams ($36.7 million).

Knight Frank representatives state that current market conditions favor sellers, who can dictate prices due to the scarcity of available options, particularly in relation to beachfront properties.

Property prices are increasing rapidly, as foreigners can obtain “golden visas” through such investments. The third quarter of 2022 alone witnessed a 61% surge in sales of apartments and houses compared to the same period of the previous year, according to industry experts.

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