A British fashion entrepreneur has sold a coveted plot of sand on a luxury island in Dubai in a record-setting deal.
The vacant, 24,500-square-foot plot, which sits on a man-made Jumeirah Bay island and has no structures, sold for 125 million dirhams, or $34 million, on April 19, according to Knight Frank, the original estate firm that brokered the off-market deal.
The sale is notable because of the rarity of the property — previous title sales in Dubai have been of mega-mansions and ultra-luxury apartments.
“Only buys you sand”
A $34 million real estate deal in Dubai “would normally represent a spectacular penthouse or palatial mansion. However, the uniqueness of Jumeirah Bay means it will buy you just the sand on which to build your dream home,” Andrew Cummings, partner and Prime Residential Chief Knight Frank A, said in a statement.
Previously, the most expensive plot of land in the UAE was sold for 91 million dirhams, or about $24 million. The sale “solidifies the island’s status as a super-prime destination,” Knight Frank said in a press release announcing the deal.
The seller, Omar Kamani, is the CEO of Pretty Little Thing, a fast-fashion retail business based in UK Knight Frank, and until recently indicated that the buyer, who has not been identified, planned to build a “spectacular custom-built mansion”. . “In the plot.
Kamani purchased the property in 2021 for 36.5 million dirhams, earning him a hefty profit of 88.5 million dirhams, or $24 million before fees, Bloomberg reported.
A tight supply of real estate has pushed up high-end property prices in Dubai, which has become a popular place for the ultra-rich to invest their wealth due to low taxes, according to Knight Frank.
The once-owned property Kamani is one of a limited number of parcels developed by Meras Holdings on the 6 million sq ft Jumeirah Bay island in the shape of a seahorse. It is also home to the Bulgari Resort and Residences and the Bulgari Yacht Club.
Meras bills it as “the preferred address for homeowners looking to enjoy the luxury of their own private beach on an island brimming with magnificent sea views and vistas of Dubai’s impressive skyline.”