Commencing 2022 with A Record- AED 150 Million Plot Sold in Jumeira Bay by Luxhabitat Sotheby's

In terms of luxury residential sales in Jumeira Bay Island Dubai, 2021 has been a phenomenal year for LUXHABITAT Sotheby’s. Well, LUXHABITAT Sotheby’s has surely started 2022 with a bang too as it has now created a record for the new year by selling a plot for AED 150 million, delivering the costliest transaction on Jumeira Bay Island for a plot in its history.

Plot of Gold, literally

The sold plot in Jumeira Bay spans over 47,000 sqft in gross floor area (GFA) and has an open beachfront view on the bay with Burj Al Arab hotel along with the Bvlgari hotel site and offers unobstructed beach access. The purchaser of the plot is a young Emirati local buyer. The seller of the plot is a UAE national as well. The buyer plans to build a mega-mansion as a private residence that will span 75,000 sq ft built up area (BUA). Plot LV13-14 is one of the last available large villa plots on Jumeira Bay. A plot of this size is exceptionally hard to find in the market right now, if existing at all. With little to no availability for beach facing view plots, the appeal of these plots is only further enhanced due to the private gated community with uber-luxury villas across the community. Jumeira Bay has become the ‘billionaire island’ across the coast of Jumeirah, Dubai. 

The agent responsible for the transaction is Dr. Taieser Al Saati, Associate Director of Luxhabitat Sotheby’s International Realty. Dr Al Saati sold some of the most valuable properties in the area and across Dubai, having closed a record-breaking sum of AED 850 million between January 2021-22. He comments, “We believe in the continued demand of beachfront properties across the coast of Dubai, set to only grow in the next two to three years. We have seen premiums reach up to 120% for plots on the Palm and Jumeira Bay area, owing due to its scarcity and strong value appreciation. Jumeira Bay holds the crown of beachfront properties in Dubai. We expect ready super villas and mega mansions of such size and beach frontage on the island to cross the US$100 million mark within the next three to five years on completion.”

Dr Saati adds that the Jumeira Bay Island alone has attracted an onslaught of 60 to 70 billionaires to Dubai. The key demographic of top buyers includes those from the UK, Western Europe, India, Middle East, and Russia, to name a few. Many of the buyers also seek to park their 100-meter sized luxury yachts in close sea proximity from their residence, which will be accessible via a short three-to-four-minute tender boat ride from the island’s marina.

Situated just 10 minutes away from Downtown Dubai, Jumeirah Bay Island hosts several show-stopping residences. The island is sculpted in the shape of a titanic seahorse and, with its stunning sunset views, open sea, and the Dubai skyline panorama; it has become the uber-rich residence of choice in Dubai. It is also home to the internationally revered Bvlgari Resort & Residences, a luxurious resort with the world’s first Bvlgari Yacht Club. Over AED 174 billion in sales have been recorded in the area in 2021, based on data from the Dubai Land Department.

About LUXHABITAT Sotheby’s International Realty

Headquartered in Dubai, LUXHABITAT Sotheby’s International Realty focuses on residential and commercial luxury sales and leasing, luxury property management, institutional investments, and luxury project developments in the UAE and beyond. LUXHABITAT Sotheby’s International Realty represents the marketing and sales partnership between Sotheby’s International Realty brand in the entire GCC region and LUXHABITAT, a design-led real estate marketing and technology company. Together, we are now the biggest and strongest marketing and selling platform for luxury real estate in Dubai, making us the foremost luxury real estate brokerage in the market today. We are focused in sourcing the best quality properties in premium residential areas such as Emirates Hills, Palm Jumeirah, Jumeira Bay, Al Barari, Jumeirah Islands, Jumeirah Golf Estates, Meadows, Lakes and Arabian Ranches as well as the best apartments and penthouses in upscale buildings such as Le Reve, Index Tower, Six Towers, Burj Khalifa,