Parcel of sandy land on Dubai island sells for $50 million

The parcel of land, which has no structures on it, is on the the man-made Jumeirah Bay Island and was sold on April 19, the Bloomberg agency reports.

The seller, British fashion entrepreneur Umar Kamani, bought the property for $15m in 2021, scooping him a fat profit of $36m before fees.

Knight Frank, the real estate company that negotiated the off-market sale, said a dwindling supply of properties had driven up luxury real estate prices in Dubai.

The sale was noteworthy because headline-making land sales in Dubai usually have had mega mansions or luxury apartments on them.

The last most expensive land plot in the United Arab Emirates sold for $36 million.

Kamani’s former property is one of the few plots of land on the seahorse-shaped Jumeirah Bay Island. It is also home to an exclusive resort and yacht club.

Last year, the most expensive property sale in Australia was a waterfront mansion in the eastern Sydney suburb of Vaucluse that fetched $62.75m.

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Real estate now represents some 10 per cent of Dubai’s overall gross domestic product.

After a slump due to COVID-19 restrictions, Dubai saw 86,849 residential sales in 2022, beating a previous record of 80,831 set in 2009.

Buyers and renters have filled exclusive neighbourhoods such as the Palm Jumeirah, a man-made archipelago in the shape of a palm tree that juts into the Persian Gulf.

Betterhomes, which has operated in Dubai since 1986, saw Russians lead all other nationalities in purchases by non-residents for the first time last year.

Other real estate brokers have also acknowledged anecdotally the influence Russians have had.

– Reported with Associated Press