Plot of sand sold in Dubai for a record 278 crores: Ultra rich people are buying property in Jumeirah Bay Island

A plot of 24,500 square feet in Dubai's Jumeirah Bay Island has been sold for a record 125 million dirhams, or about Rs 278 crore. According to Bloomberg, the person who bought this plot is not a native of Dubai. He wants to build a house for family vacations on this property.
Andrew Cumming, head of the brokerage firm Knight Frank, said that till now the news about the sale of expensive properties used to be luxurious villas or luxury penthouses. This is the first time that a vacant plot has been sold at a record-breaking price.
Dubai land records show that the person who sold this land had bought it two years ago for 36.5 million dirhams (about Rs 81.43 crore). Now he has sold it with a profit of 88.5 million dirhams i.e. around 197 crore rupees. The seller of the land is the 35-year-old founder of UK-based fashion retailer Pretty Little Thing.
Taxes and crime are low in Dubai, due to which rich people from all over the world are buying real estate there. Due to this, the property prices there have increased rapidly. Also, rising oil prices are also the reason behind the increase in property prices in Dubai. According to Bloomberg's report, the citizens of Russia are also included in the property buyers.
Apart from these, Golden Visa is also attracting the richest people around the world to invest. Golden Visa allows investors, businessmen, researchers, medical professionals and people associated with science and knowledge fields to stay for a long time.
Lindsay Redstone of Knight Frank said that at this time the sellers of the property are in a strong position. This is because people have limited options to choose properties, especially along the sea coast. For this reason, the sellers of the property are getting the asking price. Real estate brokers predict that such records will continue to be broken in the future as well.
Jumeirah Bay is spread over 6 million square feet. It has been artificially created on the Coast of Jumeirah. Jumeirah consists of three distinct areas. Jumeirah 1, Jumeirah 2 and Jumeirah 3. This place is popular among tourists and locals. By early 2022, Dubai was set to be the third-largest housing market in the world.