30 million-square-foot plot in Dubai’s Al Yalayis 1 sold for Dh2.83 billion
Dubai's real estate market set a new record in Q3 2024 with sales totalling Dh141.9b
Dubai: A plot of land in Al Yalayis 1 of Dubai was sold on Friday for Dh 2.83 billion ($770 million), according to data from the Dubai REST platform.
The 30 million-square-foot property was sold at Dh 94 per square foot, marking one of the largest real estate deals in the city this year.
Earlier this week, Dubai unveiled an ambitious master plan to transform real estate, education, and transport services. The real estate strategy aims to increase the value of Dubai’s real estate transactions to Dh1 trillion by 2033.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, said, “The strategy also boosts Emirati competitiveness and promotes home ownership to enhance family stability.”
By increasing real estate transactions by 70 per cent and multiplying the value of Dubai’s real estate portfolios by 20 times to Dh20 billion, the Real Estate Strategy 2033 aims to contribute Dh73 billion to the emirate’s GDP.
The strategy represents a key pillar in the Dubai Economic Agenda D33 and will help elevate Dubai’s investment attractiveness, positioning the city as a highly diverse global economic hub.
Dubai's real estate market set a new record in Q3 2024, with sales totalling Dh141.9 billion ($38.6 billion), surpassing the previous high of Dh124.07 billion from Q2.
This marked a 30.1 per cent year-on-year increase in value. According to a market update from fäm Properties, the quarter saw 50,423 transactions, a 37.9 per cent rise in volume from the previous year, and a 16.6 per cent increase from Q2.
Apartment sales accounted for 77 per cent of the total, with 39,058 transactions worth Dh70.5 billion, a 43.9 per cent rise from the same period in 2023.
“The figures highlight the resilience and steady growth of Dubai’s real estate market, boosting investor confidence,” said Firas Al Msaddi, CEO of fäm Properties.
He noted the trend reinforces Dubai’s position as a top global real estate investment destination, drawing interest from both local and international buyers.