Dubai is renowned for its opulence and luxurious lifestyle. This city is home to billionaires from all around the world. Many businessmen have invested heavily in properties here. Apartments, villas, and bungalows on the Palm Jumeirah are priced in crore. A plot at Jumeirah Bay Island measuring 24,500 square feet has been sold for a record-breaking 125 million dirhams, or almost Rs 278 crore.
Bloomberg reports that the buyer of the plot is not a resident of Dubai and intends to utilise the land to construct a holiday home. On April 19, the pricey transaction in Dubai was completed for $34 million.
Andrew Cumming, head of the brokerage firm Knight Frank in Dubai, said, “Now luxurious villas or luxury penthouses were sold as expensive properties. This is the first time that a vacant plot record has been sold for such a high price.” If seen per square foot, it is 5000 dirhams. According to Dubai Land Records, an individual paid more than 81 crores for this area two years ago. It was finally sold for a profit of Rs. 197 crore. This valued possession was sold by the 35-year-old founder of the UK-based fashion brand PrettyLittlleThing.
Rich people from over the world are investing in Dubai because of the city’s low tax and crime rates, causing its real estate prices to rise quickly. The Bloomberg report claims that residents of Russia are also among those who have purchased real estate in Dubai.
According to Knight Frank’s Lindsay Redstone, Dubai’s home sellers are currently in a favourable position. People have few options for purchasing real estate in this area, particularly the bungalows and flats that are available along the beach, which is the cause of this. Due to this, Dubai real estate sellers frequently receive their quoted prices. According to real estate industry experts, future house price records will likely be broken even more frequently.
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