Why a vacant plot of land in Dubai fetched a record $34M | Dinogo

In Dubai, it’s just a plot of sand.

The buyer's identity remains undisclosed.

The plot is one of 128 available on the man-made island, which is linked to the mainland by a 1,000-foot bridge. Its soaring price not only reflects the resilience of certain Dubai real estate in the face of global economic challenges, but also highlights what the ultra-wealthy are willing to invest in, according to real estate experts.

"Jumeirah Bay is the epitome of exclusivity," says Andrew Cummings of Knight Frank Dubai, the agency that facilitated the sale. "It’s a place for ultra-high-net-worth individuals asking, ‘What’s the absolute best I can get?’ It sets the standard for prime real estate in Dubai."

Resembling the shape of a seahorse.

Spanning 6.3 million square feet, Jumeirah Bay Island is shaped like a seahorse and features a luxurious five-star hotel developed in partnership with the renowned Italian brand Bulgari. Opened in 2017, the hotel was quickly named the world’s best new luxury hotel. The island also boasts pristine beaches, a marina for yachts, upscale restaurants, a gym, and a spa, with a select number of luxury apartments available within the Bulgari complex.

Welcome to Los Angeles.

The Palm Jumeirah is arguably the most iconic of Dubai's man-made islands. Its distinctive palm tree shape makes it the largest artificial island in the world, covering approximately 2.2 square miles.

Jumeirah Bay Island is much more compact, covering just 0.22 square miles, and is regarded as an ultra-exclusive location. 'This is really for the top 1% of the 1%, individuals creating their forever homes or long-term vacation retreats,' says Cummings. 'The properties being developed here are unlike anything else in Dubai. Jumeirah Bay is set to resemble Beverly Hills or LA more than the typical Dubai development.'

The pandemic has played a pivotal role in the surge of interest in high-end properties. 'In the past two years, people have sought more space and have desired to live by the beach,' says Cummings. 'In cities like New York, people moved to the countryside, and the same trend was seen in London and other major cities. In Dubai, we saw this trend as well, plus a significant influx of international investors attracted by the country’s strong response to Covid, high vaccination rates, safety, security, and lifestyle.'

As for Kamani, he likely isn't regretting parting with his plot of land, as he owns an identical one right next to it. Who knows, he may sell that one at an even higher price.

'He’s set the standard,' says Cummings, 'now he might as well set another record.'