Dubai: The Meydan area is turning into an investment hot spot — the master-development recorded the biggest land deal in the year to date, according to PH Real Estate, a brokerage firm.
The plot measuring 120,000 square feet was sold to an Emirati buyer, who plans to build three custom-designed mansions for members of the family. The seller was the businessman Kamel Alzarka.
The land, which sits directly in front of the golf course and central lakes, is probably the largest residential freehold plot in Dubai. Myles Bush, CEO of PH Real Estate, which brokered the deal, said: “There is nothing of this size that we know of in Emirates Hills or on the Palm Jumeirah. These kind of high-profile transactions have a positive knock-on effect to the rest of the market.” (Last year, PH Real Estate brokered the sale of a Dh53 million residential property in Emirates Hills.)
The Meydan district and the MBR City of which it is a part has been witness to a slew of high-profile deals since the start of the year. Demand has also been helped by the launch of works for the Meydan One Mall, one of the biggest shopping destinations in the works in Dubai.
