Data from the Dubai REST platform indicates that a plot of land in Al Yalayis 1 of Dubai was sold on Friday for Dh 2.83 billion ($770 million).
Selling for Dh 94 per square foot, the 30-million-square-foot property was one of the biggest real estate transactions in the city this year.
Dubai unveiled an ambitious master plan earlier this week to transform transportation, education, and real estate. By 2033, the real estate strategy hopes to raise the total value of real estate transactions in Dubai to Dh1 trillion.
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.”
The objective of the Real Estate Strategy 2033 is to augment the emirate’s GDP by Dh73 billion by augmenting real estate transactions by 70% and soaring the value of Dubai’s real estate portfolios by 20 times to Dh20 billion.
As a fundamental component of the Dubai Economic Agenda D33, the strategy is expected to enhance Dubai’s appeal to investors and establish the city as a diverse global economic center.
In Q3 2024, sales of real estate in Dubai reached a record-breaking Dh141.9 billion ($38.6 billion), exceeding the previous high of Dh124.07 billion from Q2.
This indicated a gain in value of 30.1% over the previous year. 50,423 transactions were made during the quarter, up 16.6% from Q2 and 37.9% from the prior year, according to a market update from fäm Properties.
With 39,058 transactions totaling Dh70.5 billion, or 43.9% more than during the same period in 2023, apartment sales accounted for 77% of the total.
“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 pointed out that the pattern supports Dubai’s standing as one of the world’s best places to invest in real estate, attracting interest from both domestic and foreign buyers.