Empty lot covered with sand sold for record price in Dubai

On April 19, a transaction for the sale of a plot of 2.3 sq. km on the artificial island of Jumeirah Bay for the amount of $34 million (125 million AED), which is about 5,000 AED per 1 square foot of land and is a record for the Emirates real estate market.

The identity of the buyer was not disclosed. Although it is known about his plans to build a family vacation home here.

Interestingly, the seller owned the site for two years without building anything on it. But when selling, I received up to 242% profit. This is due to the increase in the value of real estate in the Emirates, due to the influx of foreign capital and the emergence of new investors.