It seems that nothing can slow the fast-paced growth of the Dubai luxury property market. Having consistently remained a relatively stable GDP performer, 2021 has seen a huge jump in enquiries and sales from international buyers and investors. Following the sale of the most expensive property in Dubai this year to date in Jumeirah Bay at AED 121 million, Luxhabitat Sotheby’s International Realty has now sold a Jumeirah Bay Island plot for nearly double its original price at AED 61 million.
Building a home to remember
The waterfront plot LV11 is one of only a few left remaining on Jumeirah Bay Island. Originally purchased for AED34 million, the recent sale completed by Luxhabitat Sotheby’s International Realty saw its value rise to AED 61 million in under six months, making it the most expensive plot ever sold of its type. Bought by a prestigious Russian buyer, this stunning corner plot not only offer the chance to create your own personalised mansion villa, but it also comes with breath-taking views and its rarity makes it a highly sought-after commodity; only further increasing its value and selling price. The unnamed buyer will now be able to construct a magnificent home to their exact specifications, all on one of the world’s most enviable island locations.
The Island of Dreams
Jumeirah Bay Island is an exclusive new community nestled off the coast between the iconic Downtown Dubai area and the famous World Islands. Already one of the most coveted addresses in the city, the island is sculpted in the shape of a titanic seahorse and boasts some of the most breath-taking views imaginable. This year QoQ, the area had already received an uptick of 26.9% at AED 689 million, as per data from the Dubai Land Department. It is also the site for the illustrious Bvlgari Resort & Residences, a truly unique haven of luxury. Immense local and international interest in this renowned brand has seen its occupancy soar in recent months, thereby substantially increasing the demand across the whole island complex. Given the limited space available, these rare units are now top of the list for luxury property buyers looking for a bespoke home surrounded by extravagance in a secluded and private environment.
The Rising Wave
According to Luxhabitat Sotheby’s International Realty’s CEO George Azar, this type of exclusive deal is part of a continuing trend in the Dubai luxury property market. Currently responsible for over 70% of the luxury property sales in Dubai, Luxhabitat have been at the forefront of the market’s explosion in 2021. As Azar explains, “Ultra-high net worth individuals from all over the world are looking for the perfect place to build their dream home. With its unique range of extraordinary properties and zero tax economic benefits, Dubai is the obvious choice. We are seeing more and more enquiries from buyers in the US, Europe and Asia who recognise the stability, innovation and prosperity of the UAE.”
Given their recent record for the most expensive property sold in 2021 so far, a Marsa Al Arab Villa at AED 121 million on Jumeirah Bay Island, Luxhabitat Sotheby’s is evidence of a booming period in the Dubai property market and exciting economic growth for the city as we move into 2022.