Plot Of Sand Sold For $34 Million In Dubai Gave Its Owner Profit Of 242%

A piece of land in Dubai has sold for 125 million dirham ($34 million or Rs 278 crore), making it the most expensive plot to be sold in the UAE, according to a report in The National. The 24,500-square-feet plot is situated in Jumeirah Bay. Before this, the most expensive land deal in the UAE was 91 million dirham ($24 million), the outlet reported quoting property consultant Knight Frank. The sale "solidifies the island's status as a super-prime destination," Knight Frank said in a press release announcing the deal.

The National said that the land plot was worth 5,100 dirham per square foot. It was sold to an international buyer, who will build a mansion on the plot.

The identity of the seller was revealed by CBS News, which said that the plot was owned by Umar Kamani, who founded and until recently served as the CEO of PrettyLittleThing, a fast-fashion retail business based in the UK.

Mr Kamani had purchased the property for 36.5 million dirhams in 2021, earning him a hefty profit of 242 per cent, according to Fortune.

The deal is making news because of the sparseness of the plot of sand.

"A $34 million real estate deal in Dubai 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," Andrew Cummings, partner and head of prime residential at Knight Frank, said in a statement.

Dubai is already popular with the super-rich who invest their wealth partly because of the low taxes in the emirate. Since there is a tight supply of real estate in Dubai, the high-end properties are sold at very high prices.

The Jumeirah Bay Island has the shape of a seahorse. It is also home to the Bulgari Resort and Residences and the Bulgari Yacht Club, said CBS News.