A 59.6m square feet Dubai plot fetches record Dh3.58 billion
Land values in Dubai have been seeing significant rises, and DIP deal clinches it
Dubai: The Dubai real estate market recorded a plot sale of a susbtantial Dh3.58 billion, with the transaction taking place in the second Dubai Investments Park (DIP) area.
Data from Dubai Land Department shows the area covering 59.6 million square feet, and thus setting the price per square foot at Dh60. The deal spearheaded Firday's transactions, propelling the total Dubai real estate sales to an impressive Dh4.33 billion across 372 transactions.
Over the past few years, Dubai real estate sector witnessed a steep growth trajectory, achieving record setting sales of plots. In 2023, the sector had Dh411.7 billion in sales, marking a 55 per cent increase compared to the previous year.
The total number of property sales transactions also experienced a notable rise, at 37 per cent and 133,300 transactions. The average property price per square foot escalated to Dh1,400, reflecting a 14 per cent rise.