Knight Frank has said it has made a record-breaking sale of a land plot on Jumeirah Bay Island – selling for US $34.04mn. The deal is said to set a new benchmark and makes it the most expensive land plot ever sold in the history of the UAE.

Breaking the previous record of $25mn, the deal for the 24,500sqft plot marks a significant milestone in UAE’s real estate market.

Anne Ogilvie and Lyndsey Redstone, Associate Partners at Knight Frank represented the seller and buyer in the deal. Jumeirah Bay Island has become a highly sought-after real estate commodity, with land prices soaring threefold in recent years, the firm explained.

In mid January 2023, Knight Frank said 219 ultra-prime homes sold in Dubai in 2022 and, later in the month, a report showed that Grade A warehouse lease rates continued to escalate in Dubai.

The sale further solidifies the island’s status as a super-prime destination, joining the ranks of exclusive developments like the Bulgari Lighthouse, which recently set the record for the most expensive penthouse sale at $112mn.

Andrew Cummings, Partner and Head of Prime Residential at Knight Frank commented: “Jumeirah Bay Island has not just cemented itself as the number one location for Ultra High Net Worth Individuals in Dubai, it has created a submarket only accessible by the ultra-wealthy.  A $34mn transaction would normally represent a spectacular penthouse or palatial mansion. However, Jumeirah Bay’s exclusivity means that this only buys you the sand on which to build your dream home. This is another sign that Dubai is the number one destination for international real estate investment due to the attractive lifestyle and business-friendly environment.”

Knight Frank’s recent research highlights the strengthening of Dubai’s $10 million-plus homes market, with 88 sales worth $1.63bn recorded in Q1 alone.