According to information from the Dubai REST platform, a land parcel in Dubai’s Al Yalayis 1 was sold on Friday for Dh 2.83 billion ($770 million).
The 30-million-square-foot property was one of the largest real estate sales in the city this year, going for Dh 94 per square foot.
Earlier this week, Dubai unveiled an ambitious master plan to transform real estate, education, and transportation. The goal of the real estate strategy is to reach Dh1 trillion in total value of real estate transactions in Dubai by 2033.
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 Real Estate Strategy 2033 aims to increase real estate transactions by 70% and the value of Dubai’s real estate portfolios by 20 times, to Dh20 billion, in order to boost the emirate’s GDP by Dh73 billion.
The strategy, which is a cornerstone of the Dubai Economic Agenda D33, is anticipated to increase Dubai’s attractiveness to investors and position the city as a diversified global economic hub.
Real estate sales in Dubai surpassed the previous high of Dh124.07 billion from Q2 2024 to a record-breaking Dh141.9 billion ($38.6 billion) in Q3 2024.
This showed a 30.1% increase in value over the prior year. A market update from fäm Properties stated that 50,423 transactions were made during the quarter, up 16.6% from Q2 and 37.9% from the previous year.
Apartment sales accounted for 77% of the total with 39,058 transactions totaling Dh70.5 billion, or 43.9% more than during the same period in 2023.
“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 emphasized that the pattern validates Dubai’s reputation as one of the top global real estate investment destinations, drawing interest from both domestic and international buyers.
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