Real Estate
Dubai Plot of Sand Sells for $34 Million in Luxury Island Record
The seller, British fashion entrepreneur Umar Kamani, made a 242% profit in two years by just sitting on the property.
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.