DUBAI, UAE – A real estate brokerage based here has compiled the 10 largest land deals in the Emirate since the beginning of this year, with a total value of US$2.3 billion (Dhs8.6 billion).
The study based on data from the Dubai Land Department showed that the largest land sale deal in terms of value and area was in the Maqtarah for residential purposes, worth US$1 billion (Dhs3.87 billion), with an area of 203.1 million square feet, W Capital company said in a release.
In second place was the sale of a plot of land for residential purposes, also in Maqtarah, worth US$498 million (Dhs1.834 billion), with an area of 2.75 million square feet.
The deal of residential purposes plot in Al Sufouh2 came third, with an area of 33.108 million square feet, worth US$171 million (Dhs630.79 million).
The study showed that the deal of land selling for residential purposes in the Business Bay area, came fourth, with a value of US$124 million (Dhs456.25 million) with an area of 56,937 thousand square feet.
In fifth place was a deal to sell land in the Al Wasl area, for residential purposes, worth US$108 million (Dhs397 million), with an area of about 76.75 thousand square feet.
In sixth place was the deal of a plot in the Dubai Water Canal area, for residential purposes, with a total value of US$100 million (Dhs368.73 million), with an area of 100,000 square feet.
The top deal for commercial purposes in the Oud Metha area was in the seventh place, with a value of US$95 million (Dhs350 million), an area of about 331.79 thousand square feet.
In eighth place was the deal to sell a plot of land in Wadi Al Safa 7, for residential purposes, at a cost of US$77 million (Dhs285 million), with an area of 1.654 million square feet.
A deal of a plot of land in the Trade Center2 area, valued at US$75 million (Dhs276mn), with an area of 25 thousand square feet.
The 10th deal was for a plot of land in the Burj Khalifa area, for residential purposes, worth US$47 million (Dhs174.56 million),with an area of 51,439 thousand square feet.
“The rise in real estate transactions values, especially land, reflects the state of strong momentum within the Dubai real estate market, the recovery of sales thanks to the demand of foreigners and the improvement of the supporting economic factors,” said W Capital CEO Walid Al Zarooni.
“Dubai has witnessed a large influx of wealthy foreigners aspiring to settle down and invest in commercial activities in the emirate, especially the thriving real estate sector, which is achieving record profits and ease of buying and selling, with the market maturing and reaching the best international standards,” he said.
Al Zarooni stressed that the recovery in land sales reflects developers’ efforts to acquire the best plots of land in preparation for launching real estate and commercial projects to keep pace with the renewed demand within the market.
He explained that W Capital’s follow up of land sales identified several reasons behind the sale deals in Dubai, most of which focus on investors’ desire to buy land for investment purposes and get high returns as prices continue to rise, or developers’ desire to launch new projects in the best areas.
There are also the small clients who want to build their own homes and supervise all stages of construction.