W Capital: The top 10 land deals in 2023 worth Dhs8.6bn

Dubai,22 October 2023

“W Capital”, a leading real estate brokerage based in Dubai, followed up the 10 largest deals of land selling in the Dubai since the beginning of this year, with a total value of Dhs8.6bn.

The study based on data from the Dubai Land Department -DLD, showed that the largest land sale deal in terms of value and area was in the “Maqtarah” area, for residential purposes, worth Dhs3.87bn, with an area of 203.1 million square feet, at 19 dirhams per foot.

In second place was the deal of a plot of land for residential purposes, also in Maqtarah, worth Dhs1.834bn, with an area of 2.75 million square feet, at a price of 666.2 dirhams per foot.

The deal of residential purposes plot in “Al Sufouh2” came third, with an area of 33.108 million square feet, worth Dhs630.79mn, at a price of 19.05 dirhams per foot.

The study showed that the deal of land selling for residential purposes in the Business Bay area, came fourth, with a value of Dhs456.25mn, with an area of 56,937 thousand square feet, at a price of 8,013 dirhams per square foot.

In fifth place was a deal to sell land in the Al Wasl area, for residential purposes, worth Dhs397mn, with an area of about 76.75 thousand square feet, at a price of 5,173 dirhams per square foot.

In sixth place was the deal of a plot in the Dubai Water Canal area, for residential purposes, with a total value of Dhs368.73mn, with an area of 100,000 square feet, at 3,682 dirhams per foot.

The top deal for commercial purposes in the “Oud Metha” area was in the seventh place, with a value of Dhs350mn, an area of about 331.79 thousand square feet, at a rate of 1,054 dirhams per square foot.

In eighth place was the deal to sell a plot of land in “Wadi Al Safa 7”, for residential purposes, at a cost of Dhs285mn, with an area of 1.654 million square feet, at a rate of 172.2 dirhams per square foot.

A deal of a plot of land in the Trade Center2 area, valued at Dhs276mn, with an area of 25 thousand square feet, at 11,039 thousand dirhams per square foot.

The tenth deal was for a plot of land in the Burj Khalifa area, for residential purposes, worth Dhs174.56mn,with an area of 51,439 thousand square feet, at a rate of 3,393 dirhams per square foot.

“The rise in real estate transactions values, especially land, reflects the state of strong momentum within the Dubai real estate market, the recovery of sales thanks to the demand of foreigners and the improvement of the supporting economic factors,” said CEO Walid Al Zarooni.

“Dubai has witnessed a large influx of wealthy foreigners aspiring to settle down and invest in commercial activities in the emirate, especially the thriving real estate sector, which is achieving record profits and ease of buying and selling, with the market maturing and reaching the best international standards,” he added.

Walid Al Zarooni stressed that the recovery in land sales reflects developers’ efforts to acquire the best plots of land in preparation for launching real estate and commercial projects to keep pace with the renewed demand within the market.

He explained that W Capital’s follow up of land sales identified several reasons behind the sale deals in Dubai, most of which focus on investors’ desire to buy land for investment purposes and get high returns as prices continue to rise , or developers’ desire to launch new projects in the best areas. There is also the small clients who want to build their own homes and supervise all stages of construction.

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