The 2,280-square-metre sandbar on Dubai’s Jumeirah Bay island was sold by British businessman Umar Kamani for more than $34 million, up 242% from its 2021 price.
The sandbar is an undeveloped plot of 128 plots of land on the artificial island of Jumeirah Bay in Dubai, connected to the mainland by a 305-metre bridge.
It was bought by British entrepreneur Umar Kamani, co-founder of fashion retail label PrettyLittleThing, for an asking price of 36.5 million dirhams (nearly $10 million) in 2021. Two years later, the land drew attention. an unnamed buyer for more than $34 million, or a 242% increase.
The sandbar sold for over $34 million on the island of Jumeirah Bay in Dubai. Photo: CNN
Soaring land prices not only reflect the resilience of Dubai’s property to a global economic downturn, but also show how the super-rich use their money.
“Jumeirah Bay is the most private of private places in Dubai,” Andrew Cummings, real estate specialist at Knight Frank Dubai, who made the purchase, told CNN on May 23. “This is a place for the very rich to buy the best land.”
The artificial island of Jumeirah Bay is shaped like a seahorse and has a working 5-star hotel, as well as many white sandy beaches, marinas, fine restaurants, gyms and spas.
“The area is highly rated due to its proximity to major hotels, as well as downtown Dubai and the commercial and economic district,” said Cummings. “The area is also attractive because the entire island only has about 100 lots, as opposed to places like Palm Jumeirah which have thousands of lots.”
Island of Jumeirah Bay, shaped like a seahorse, in Dubai. Photo: CNN
Palm Jumeirah is Dubai’s most famous palm-shaped artificial island. This is also the largest island in the world, measuring almost 5.7 square kilometers. Jumeirah Bay Island is much smaller, measuring just 0.57 square kilometers, offering more privacy.
Dubai’s real estate market has seen strong growth recently, with 93 sales of $10 million or more in 2021, more than the previous seven years combined. In 2022, that number jumped to 221 and, this year, there were 88 deals in the first quarter.
“Over the last couple of years, the super-rich have wanted to move to more spacious places, live closer to the beach,” said Cummings.
Hong Hanh (according to CNN)