2023-05-24 02:45:46
CNN reported that the artificial island of Jumeirah Bay is on its way to surpassing Beverly Hills and Los Angeles, which are known for their luxury.
The American network stated in a report that the real estate built on the island is intended for the world’s wealthy elite.
He explained that the island is currently witnessing the construction of exceptional and unprecedented types of real estate.
The report monitored what happened last month on Jumeirah Bay Island, where a 24,500-square-foot plot of land was sold for a record $34 million (125 million dirhams), or more than 5,000 dirhams per square foot. This is a huge gain of 242% over the original purchase price of 36.5 million dirhams (regarding $10 million) in 2021.
And according to the report, there are many things that you can buy for $ 34 million in different parts of the world. That money will buy you towering castles, sprawling seaside mansions, or a string of luxury estates stretching back for miles. He might also buy you fleets of luxury Lamborghini or Rolls-Royce Phantoms, or even your private jet. But imagine paying that much money for an empty piece of land.. Yes, this is what really happened in Dubai.
The report stated: “The land was not just a pile of sand, but rather a piece of land offered on the luxurious Jumeirah Bay Island in Dubai, and its high price is a stark reflection of the resilience of the real estate market in the emirate once morest the downward trends in global economies. And as the real estate owners say .. It is exactly what the rich want to spend their money on.
Andrew Cummings, partner and head of the luxury real estate division at Knight Frank Real Estate, told CNN, which handled the sale: “Jumeirah Bay is the most exclusive place in the real estate market. It’s for the ultra-wealthy who ask themselves, What’s the best I can get? The island represents the best in its class in terms of location and real estate in Dubai.”
CNN praised the 6.3-million-square-foot artificial island of Jumeirah Bay in the shape of a seahorse, which is home to a five-star hotel developed in collaboration with the Italian luxury brand Bulgari, and crowned as the best new luxury hotel in the world. In addition to the distinctive “Bulgari Lighthouse” residential project. In addition to the presence of many sandy beaches, a marina for dozens of yachts, fine restaurants, a gym and a spa center.
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