Sand Plot in Dubai's Jumeirah Bay Island Sells for $34 million, Sets New Record

According to Bloomberg, a piece of land on a man-made island in Dubai has been sold for $34 million, which is more than triple the amount its previous owner paid for it. The 24,500 square foot plot is situated on Jumeirah Bay Island, which has a unique seahorse shape. The buyer, whose identity was not disclosed, plans to construct a family vacation home on the land. The property was sold by Umar Kamani, the founder of UK-based fast-fashion company PrettyLittleThing, who had bought it for $10 million just two years ago. Kamani also possesses an identical neighboring plot, which he intends to offer for sale at $36.7 million. Since there were only 128 plots available initially, the cost of land on Jumeirah Bay Island is quite high.

On the other hand, there are thousands of homes on Palm Jumeirah Island, which has a tree-like shape, and 300 homes on the World Islands archipelago. The sale of Kamani's property sets a new record for land sales on the island. The previous record of $50 million was set by LUXHABITAT Sotheby's International Realty in September 2022, but that was for two plots. Furthermore, the penthouse at the under-development Bulgari Lighthouse on the same island became Dubai's most expensive apartment in February when it sold for $112 million.