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Plot prices in Dubai, particularly in prime areas, have experienced a significant increase, with some plots even witnessing a multiplication in value, doubling or quadrupling in the past two years. Consequently, prime land plots, such as those in Jumeirah Bay, have become exceedingly scarce in the Emirate.
The surge in demand for real estate following the post-pandemic period has resulted in an unprecedented rise in plot sale rates. This surge can be attributed to the high demand from both local and foreign investors, developers, and end-users who aspire to construct their own homes.
As per the latest data provided by the Dubai Land Department, a total of 189 plots were sold for a sum of Dh2.28 billion during the week ending on June 16. Notably, the most significant transactions included the sale of land in Palm Deira for Dh167.88 million, followed by land sales in Business Bay for Dh136 million and Al Thanyah First for Dh125 million.
In 2022, Metropolitan Premium Properties and Mallorca Properties completed the largest residential land transaction in Dubai, worth Dh690 million. This deal involved the acquisition of three sea-front plots located in Dubai Marina.
The demand for beachfront plots in areas like Palm Jumeirah, La Mer, Pearl Jumeirah, and Jumeira Bay is exceptionally high. The supply of such plots in these areas has significantly diminished, leading to a quadrupling of prices for some plots in Jumeirah Bay and Palm Jumeirah.
According to the e-paper, prior to the pandemic, plots in Downtown were trading at Dh350 per square foot of gross floor area. Presently, the price has risen to approximately Dh700 per square foot. Plots in various locations throughout Dubai, particularly in sought-after areas, command a premium. However, waterfront plots are especially in-demand, including those in Palm Jumeirah, Dubai Water Canal, Business Bay, and mixed-use plots with a sea view
Furthermore, there is also significant demand for prime locations in close proximity to tourist attractions, such as Dubai Mall. These areas are highly sought after. In particular, there is a strong interest in acquiring plots suitable for developing villa and townhouse communities in Meydan and Dubai Land.
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