This is not a impressive mansion. It’s no longer a luxurious penthouse or a clothier condominium.
It’s a number of sand on a synthetic island in Dubai, and it simply offered on April 19 for 125 million dirhams ($34 million), environment a file in a marketplace that continues to take pleasure in an inflow of overseas wealth.
The 24,500-square-foot empty parcel is at the sought-after Jumeirah Bay Island, a seahorse-shaped piece of land out there through bridge from the Dubai mainland. That works out to greater than 5,000 dirhams according to sq. foot, which the brokerage at the deal, Knight Frank, recognized as a brand new top. The purchaser, who does not are living within the United Arab Emirates, is making plans to construct a circle of relatives holiday house at the belongings. His id wasn’t disclosed.
“It’s 125 million for sand,” says Andrew Cummings, head of high residential at Knight Frank in Dubai. “Everything that’s been making the press has predominantly been spectacular villas, it’s been incredible penthouses and all this stuff. But this is just a massive record breaker for a land plot.
The property was purchased two years ago for 36.5 million dirhams, according to the Dubai Land Departmentnetting the seller a tidy 88.5 million-dirham profit.
The runup to the city becoming such a heady real estate market has been fueled by high oil prices, a desire by the world’s rich to park wealth in property and a sense that low-tax, low-crime Dubai is a haven in times of pandemic and war.
Russian citizens have been snapping up properties in a city that’s still welcoming them with open arms, while new, long-term resident “golden” visas are attracting others with wealth to invest in Dubai real estate as well. Once hampered by overbuilding, the city now has what some brokers say is an undersupply of properties—especially on the high end.
“Sellers are in quite a strong position at the moment to dictate where the prices are, because there are such limited options available for people to choose from, especially beachfront,” says Knight Frank’s Lyndsey Redstoneprobably the most agents at the deal.
The parcel that offered final week is one among simplest 128 firstly presented on Jumeirah Bay Island through the government-backed developer Meraas Holdingmaking it slightly unique in comparison with, for instance, the 1000’s of houses at the iconic Palm Jumeirah building. All of the parcels had been first of all offered off years in the past, and a few have since been flipped at a good-looking benefit. The grasp building laws save you the land from being subdivided, however some consumers have mixed plots to make space for megamansions, Cummings says.
Only a handful of houses at the island had been finished. Some are beneath building, and floor has but to be damaged on many others.
The island could also be house to the Bulgari Resort, one of the dear inns within the town, in addition to the longer term Bulgari Lighthouse tower, the place condominium sale costs had been attaining highs prior to it is even constructed. The best penthouse—a nine-bedroom condominium with 5 parking areas—offered for 410 million dirhams in February.
Real property agents expect information will proceed to be damaged. The supplier within the Jumeirah Bay Island transaction, for instance, additionally owns an an identical plot subsequent to the primary. He plans to supply it for 135 million dirhams.
It’s a number of sand on a synthetic island in Dubai, and it simply offered on April 19 for 125 million dirhams ($34 million), environment a file in a marketplace that continues to take pleasure in an inflow of overseas wealth.
The 24,500-square-foot empty parcel is at the sought-after Jumeirah Bay Island, a seahorse-shaped piece of land out there through bridge from the Dubai mainland. That works out to greater than 5,000 dirhams according to sq. foot, which the brokerage at the deal, Knight Frank, recognized as a brand new top. The purchaser, who does not are living within the United Arab Emirates, is making plans to construct a circle of relatives holiday house at the belongings. His id wasn’t disclosed.
“It’s 125 million for sand,” says Andrew Cummings, head of high residential at Knight Frank in Dubai. “Everything that’s been making the press has predominantly been spectacular villas, it’s been incredible penthouses and all this stuff. But this is just a massive record breaker for a land plot.
The property was purchased two years ago for 36.5 million dirhams, according to the Dubai Land Departmentnetting the seller a tidy 88.5 million-dirham profit.
The runup to the city becoming such a heady real estate market has been fueled by high oil prices, a desire by the world’s rich to park wealth in property and a sense that low-tax, low-crime Dubai is a haven in times of pandemic and war.
Russian citizens have been snapping up properties in a city that’s still welcoming them with open arms, while new, long-term resident “golden” visas are attracting others with wealth to invest in Dubai real estate as well. Once hampered by overbuilding, the city now has what some brokers say is an undersupply of properties—especially on the high end.
“Sellers are in quite a strong position at the moment to dictate where the prices are, because there are such limited options available for people to choose from, especially beachfront,” says Knight Frank’s Lyndsey Redstoneprobably the most agents at the deal.
The parcel that offered final week is one among simplest 128 firstly presented on Jumeirah Bay Island through the government-backed developer Meraas Holdingmaking it slightly unique in comparison with, for instance, the 1000’s of houses at the iconic Palm Jumeirah building. All of the parcels had been first of all offered off years in the past, and a few have since been flipped at a good-looking benefit. The grasp building laws save you the land from being subdivided, however some consumers have mixed plots to make space for megamansions, Cummings says.
Only a handful of houses at the island had been finished. Some are beneath building, and floor has but to be damaged on many others.
The island could also be house to the Bulgari Resort, one of the dear inns within the town, in addition to the longer term Bulgari Lighthouse tower, the place condominium sale costs had been attaining highs prior to it is even constructed. The best penthouse—a nine-bedroom condominium with 5 parking areas—offered for 410 million dirhams in February.
Real property agents expect information will proceed to be damaged. The supplier within the Jumeirah Bay Island transaction, for instance, additionally owns an an identical plot subsequent to the primary. He plans to supply it for 135 million dirhams.