Empty sandbank in Dubai sells for $34 million

A vacant plot of land on the luxury island of Jumeirah Bay recently sold for more than $34 million — an astonishing price even in a place where real estate prices are sky-high, CNN reported.

Jumeirah Bay Island. Photo: CNN

“Just a piece of sand for $34 million. Normally, properties with this price tag would be luxury villas or penthouses. This is a record for a vacant lot,” said Andrew Cummings, head of luxury residential at Knight Frank in Dubai.

Umar Kamani - a British fashion retailer and CEO of online retailer PrettyLittleThing - made a 242% profit on the sale of this sandbank two years after buying it.

The sandbank was sold for $34 million. Photo: CNN

Mr. Kamani bought the land for $10 million and sold it for $34 million. The buyer was not disclosed, but Mr. Kamani said they planned to build a family vacation home on the property.

Dubai has become such a hot property market due to high oil prices, as well as the desire of the rich to store their wealth. Dubai also has a “paradise” feel with low taxes and low crime.

The plot that was sold was one of the first 128 lots on Jumeirah Bay Island offered by property developer Meraas Holding, making it more expensive than the thousands of homes on Palm Jumeirah.

Mai Anh (according to CNN)

Source: https://www.congluan.vn/bai-cat-trong-o-dubai-duoc-ban-voi-gia-34-trieu-do-la-post248932.html