In a remarkable transaction within Dubai’s thriving real estate market, a prime residential plot on Jumeirah Bay Island has been sold for a staggering Dh182 million (approximately $50 million). According to Khaleej Times, this plot, measuring 25 441 square feet, was acquired at a price of Dh7 154 per square foot.

The buyer, an ultra-high-net-worth individual, intends to develop a custom home on this prestigious island. The deal was facilitated by Unique Properties, a leading player in Dubai’s ultra-luxury real estate sector, with Vanessa Sevsky overseeing the transaction.

Arash Jalili, the Founder and CEO of Unique Properties, emphasized the significance of securing a plot in such an exclusive area, stating that this achievement results from extensive strategic negotiations to identify the perfect opportunity. He noted that the sale underscores their commitment to offering top-tier investment options in Dubai’s dynamic real estate market.

Jumeirah Bay Island, often referred to as Billionaire Island, is a luxurious residential community located off the coast of Jumeirah. This exclusive area, developed by Meraas Holding, features a selection of high-end waterfront properties and is linked to the mainland by a 300-meter bridge. The island spans 6.3 million square feet and resembles a seahorse, housing a mix of low-rise residences, luxury villas, a boutique resort, a world-class marina, and the renowned five-star Bvlgari Hotel.

The demand for ultra-luxury properties in Dubai has surged, fueled by an influx of international buyers looking for stability and long-term investment opportunities. Factors such as the city’s low-tax environment, top-notch infrastructure, and investor-friendly programs, including the golden visa initiative, have made Dubai an attractive destination for global wealth.

The purchaser of the Dh182 million plot plans to create a private residence, reflecting a trend among ultra-high-net-worth individuals who prefer building custom homes tailored to their specific desires. This move away from pre-built properties signifies a growing demand for personalization and exclusivity in the luxury segment of Dubai’s real estate market.

Armin Jalili, a Partner at Unique Properties, observed a clear shift in buyer behavior, noting that modern ultra-high-net-worth individuals are increasingly choosing to design their dream homes in Dubai. He highlighted that the desire for exclusivity and personalization has reached unprecedented levels, with Dubai continuing to provide unmatched opportunities in this domain.