Beachfront plot of land in Dubai sold for Dhs560 million

Dubai’s luxury real estate market has set a new record deal after one of the largest and most expensive beachfront properties in the emirate, on Naia Island Dubai, was sold for Dhs560 million ($152.5 million) to an unidentified European buyer.

According to Dubai Sotheby’s International Realty, the deal is among the largest and most expensive land transactions ever seen in the UAE and reflects continued strong demand from ultra-high-net-worth individuals for rare coastal assets in Dubai’s luxury real estate market.

The company explained that the land sold spanned over 80,000 square feet, making it much larger than many prestigious beachfront properties in Dubai, noting that it represented one of the last remaining opportunities of this type and was among the largest private beachfront properties available in the emirate.

A new record

The deal set a new standard for beachfront land ownership in Dubai, as plots of land of this size have historically been rare even in the city’s most exclusive coastal destinations.

The deal surpassed a previous record set on Naia Island itself earlier this year, when a 53,000-square-foot beachfront plot of land was sold for Dhs377 million ($102.7 million).

In comparison, many plots of land in Jumeirah Bay range in size from approximately 14,000 to 25,000 square feet, while only a limited number of them exceed 37,000 square feet.

Continued growth in waterfront market

Unlike some globally established coastal markets such as the French Riviera, St. Barths and Saint-Tropez, Dubai’s luxury coastal real estate sector continues to experience consistent growth and expansion.

Market data cited by the brokerage firm showed that Jumeirah Bay saw an annual price increase of approximately 24 per cent last year, while Palm Jumeirah achieved an average annual growth of around 5 per cent, reflecting the continued rise in property values in the emirate’s most prestigious coastal communities.

Exclusive destination for the wealthy

Naia Island has emerged as one of Dubai’s most exclusive and prestigious residential destinations, marketed as a luxury community with limited investment opportunities and a select clientele of buyers.

All real estate transactions on the island are conducted discreetly, away from the open market and without public announcements, further enhancing the project’s privacy and exclusivity.

According to Sotheby’s International Realty, approximately 45 per cent of buyer interest in Naia Island originates from Europe and the UK, followed by Asia at 20 per cent, the Middle East at 18 per cent and North America at 10 per cent.

What is Naia Island Dubai?

Located between Umm Suqeim and Jumeirah 3, Naia Island is set to host the first Cheval Plan Maison project in the region, featuring an exclusive collection of residences, hotel suites and private villas.

Although development has already commenced, no official completion date has been announced yet. However, the project is expected to open in 2029.

The project is anticipated to contribute to Dubai’s vision 2030for luxury tourism, and its architectural design will feature low-rise buildings to ensure unobstructed views of Dubai’s iconic landmarks from across the island.