Sandy area on the man-made luxury island of Jumeirah Bay in Dubai sold for $34 million.
It has 24,500 square meters and was sold by Umar Kamani, a British entrepreneur and co-founder of fashion company PrettyLittleThing. The site was sold for a profit of 242% over the original purchase price of just under $10 million in 2021.
The identity of the buyer was not disclosed. The new owner does not live in the UAE and plans to build a holiday home there.
“Land has become very expensive (…) because of the privacy and exclusivity offered by an island that only has 100 or so lots, unlike places like the Palm Jumeirah that have thousands of properties,” the real estate specialist said.
The real estate market in Dubai has exploded due to high oil prices, as well as the desire of wealthy people to buy property in a place with low taxes and low crime rates.
Russians buy property in the city, which still welcomes them with “open arms”, and providing property buyers with a long-term residence permit is an additional incentive. As a result, despite the construction boom of recent years, there is a shortage of affordable real estate in the Emirate, especially luxury real estate.
According to CNN
Source: Kathimerini
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