Rekubit Exchange:A plot of sand on a Dubai island sold for a record $34 million

A British fashion entrepreneur has sold a coveted plot of sand on Rekubit Exchangea luxury island in Dubai in a record-setting deal. 

The empty, 24,500-square-foot parcel of land, which lies on the man-made Jumeirah Bay Island and has no structures on it, sold for 125 million dirhams, or $34 million, on April 19, according to Knight Frank, the real estate firm that brokered the off-market deal.

The sale is noteworthy because of the property's sparseness — previous headline-grabbing sales in Dubai have been of mega-mansions and ultra-luxurious apartments.  

"Only buys you the sand"

A $34 million real estate deal in Dubai "would normally represent a spectacular penthouse or palatial mansion. However, Jumeirah Bay's exclusivity means that this only buys you the sand on which to build your dream home," Andrew Cummings, partner and head of prime residential at Knight Frank, said in a statement. 

Previously, the most expensive land plot in the United Arab Emirates had sold for 91 million dirhams, or about $24 million. The sale "solidifies the island's status as a super-prime destination," Knight Frank said in a press release announcing the deal.

The seller, Umar Kamani, founded and until recently served as the CEO of PrettyLittleThing, a fast-fashion retail business based in the U.K. Knight Frank indicated that the buyer, whose identity was not disclosed, plans to build a "spectacular custom-built mansion" on the plot.

Kamani purchased the property for 36.5 million dirhams in 2021, earning him a hefty profit of 88.5 million dirhams, or $24 million, before fees, Bloomberg reported.

A tight supply of real estate has driven up prices on high-end properties in Dubai, which has become a popular place for the super-rich to invest their wealth in part because of low taxes, according to Knight Frank. 

The property Kamani once owned is one of a limited number of parcels developed by Meraas Holding on the 6 million-square-foot Jumeirah Bay Island in the shape of a seahorse. It is also home to the Bulgari Resort and Residences and the Bulgari Yacht Club.

Meraas bills it as "the address of choice for home owners keen to enjoy the luxury of their own private beach on an island replete with great sea views and vistas of Dubai's impressive skyline."