An empty plot of sand on an artificial island in Dubai has sold for $34 million, a record-breaking price that generated its former owner a 242 per cent profit. According to Bloomberg, the land in question is located on Jumeirah Bay Island and, accessible by bridge from the Dubai mainland, and the 24,500-square-foot site sold for 125 million dirhams on April 19. The sandy property was sold by Umar Kamani, the former CEO of online company PrettyLittleThing, who acquired it two years ago for roughly $10 million, according to the publication.
Image Source: Twitter
After leaving the piece of land untouched for two years, Kamani sold a plot of land to an unnamed buyer, who reportedly wants to build a family vacation home on the sand. The sale, which Knight Frank described as a new high at 5,100 dirhams per square foot, means the real estate mogul made a profit of $24m just by holding onto the land for two years.
© Copyright 2023. All Rights Reserved Powered by Vygr Media.
