In a landmark transaction highlighting Dubai’s booming ultra-luxury real estate market, a prime plot on Jumeirah Bay Island has been sold for an impressive $50 million (i.e., AED 180 million), marking the single biggest residential land sale on the island to date. The deal, brokered by Luxhabitat Sotheby’s International Realty, involves the LV21 & LV22 plots, spanning an expansive 46,222 square feet of coveted beachfront property.
The exclusive man-made island, shaped like a seahorse and spanning over 6.3 million square feet, has emerged as one of Dubai’s most prestigious addresses. Connected to the mainland by a 300-meter road bridge, the island is home to the five-star Bvlgari Hotel and the Bulgari Marina & Yacht Club, which can accommodate 50 boats.
This significant sale comes amid a remarkable surge in Dubai’s ultra-luxury property market, which recorded AED 71 billion in ultra-luxury sales in 2024, representing a staggering 688% increase since 2015. The transaction underscores the growing demand from high-net-worth individuals (HNWIs), with an estimated 6,500 wealthy individuals moving to Dubai annually.
Jumeirah Bay Island’s exclusivity is further enhanced by its limited inventory of just 128 plots, compared to Palm Jumeirah’s 4,000, making it one of the most sought-after locations for building super-sized villas and mansions. The island’s properties consistently rank among Dubai’s most expensive, with villas commanding prices upward of AED 200 million.
Market experts predict continued growth in the ultra-luxury sector, with the price per square foot projected to rise by 10-12% in 2025. This growth is supported by Dubai’s strategic government initiatives, including the Golden Visa program and investor-friendly policies, which continue to attract international investment.
The sale reflects broader trends in Dubai’s luxury real estate market, where limited supply and growing demand from global investors have created a highly competitive environment. With only 16,500 luxury units under development, of which 72% are still in the early stages, the realty market is expected to maintain its upward trajectory.