A premier plot on the iconic Palm Jumeirah in Dubai has sold for a record-breaking AED 70 million or about US $19 million – signaling a solid finish to an already strong year for the luxury real estate brokerage Driven Properties.

“Luxury real estate was always in high demand in Dubai, but this year it has been more visible than ever,” says Lina Allaoa, the associate partner at Driven who completed the sale. “The value of this plot is the highest achieved for a single, residential plot in Dubai. It comes as a true testament of how far the ultra-luxury end real estate industry has come.”

The sale comes at an interesting time in Dubai’s property market. According to the latest report from commercial real estate services company CBRE, prices have rebounded from the record lows at the end of 2020 with average residential property prices rising 4.4% during the first 8 months of 2021, the fastest rate since early 2015.

“Only a year ago, similar plots were transacting at AED 35 million,” Allaoa says, or about US $9.5 million.

The number of transactions has also dramatically increased, up 56% when compared to the same period in 2019.

Located on the Palm Jumeriah, the plot is among some of the most exclusive waterfront properties in the world, where luxury penthouses are sold for upwards of $23 million.

Intentions for the plot are yet to be announced, but with a location renowned for luxury housing, lavish resorts and world-class hotels, the options for development are plentiful.

Driven Properties is a founding member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.