Record-breaking sale of empty sand plot in Dubai.
An empty plot of land on Dubai's luxury Jumeirah Bay Island has sold for over $34 million, marking a 242% gain over its original purchase price in 2021. The 24,500-square-foot property was sold by British entrepreneur Umar Kamani, co-founder of fashion retailer PrettyLittleThing. The identity of the buyer is unknown. The sale reflects the resilience of Dubai's real estate market and the desire of the ultra-rich to invest in exclusive locations. The island features a five-star hotel, sandy beaches, a marina, high-end restaurants, and a limited number of luxury apartments.