Rs 1 lakh per square foot: Dubai plot of sand sets new record

The 24,500-square-foot empty parcel is on the sought-after Jumeirah Bay Island, a seahorse-shaped piece of land accessible by bridge from the Dubai mainland..

The buyer, who doesnt live in the United Arab Emirates, is planning to build a family vacation home on the property..

Its a bunch of sand on an artificial island in Dubai, and it just sold on April 19 for 125 million dirhams ($34 million), setting a record in a market that continues to benefit from an influx of foreign wealth...

The runup to the city becoming such a heady real estate market has been fueled by high oil prices, a desire by the worlds rich to park wealth in property and a sense that low-tax, low-crime Dubai is a haven in times of pandemic and war...

The parcel that sold last week is one of only 128 originally offered on Jumeirah Bay Island by government-backed developer Meraas Holding, making it quite exclusive compared with, for example, the thousands of homes on the iconic Palm Jumeirah development..

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