Downtown Dubai commercial property acquired for Dh505 million
Office spaces have been in high demand in Dubai’s real estate market this year
Dubai: A commercial property in Dubai’s Downtown neighbourhood has been acquired for Dh505 million, making it Downtown Dubai’s biggest property deal of the year. Driven Properties announced Monday it has added Emaar Square Building 3 to its portfolio with the acquisition.
Spanning 378,885 square feet, it highlights Driven Properties’ dedication to addressing the high demand for premium office spaces in the city’s most coveted area, it said in a statement.
“Our investment demonstrates our unwavering commitment to excellence and our proactive approach to meeting market demands. By expanding our portfolio with this landmark building, we’re not only enhancing our offer but also supporting the ambitions of businesses that make Dubai so dynamic,” said Abdullah Alajaji, Founder and CEO of Driven Properties.
“Moving our headquarters to Emaar Square 3 is a significant step for us—it places us right at the centre of the action, where innovation and opportunity thrive,” Alajaji added.
Hadi Hamra, Managing Partner at Driven Properties, said that the purchase was made through a dedicated fund. “Relocating the company’s headquarters to Emaar Square 3 not only signifies growth but also reinforces Driven Properties’ reputation as a trusted and influential player in Dubai’s competitive real estate market,” said Hamra.
Dubai real estate market saw monthly transactions surpass the 20,000 mark in October, according to new data released by Property Monitor. A total of 20,460 sales transactions were recorded last month, an increase of 13 per cent over the previous month. Off-plan and under-construction properties accounted for the majority of sales.