An empty parcel measuring 24,500 square feet on the sought-after Jumeirah Bay Island in Dubai was sold for Rs. 1 lakh per square foot, setting a new record.
This isn’t a spectacular mansion. It’s not a luxury penthouse or a designer apartment. It’s 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 24,500-square-foot empty parcel i...
