A 59.6m square feet Dubai plot fetches record Dh3.58 billion

Dubai has experienced substantial increases in land values, with the DIP deal sealing the deal.

The second Dubai Investments Park (DIP) area witnessed a significant Dh3.58 billion plot sale, contributing to the total Dubai real estate sales of Dh4.33 billion across 372 transactions on Friday. Data from Dubai Land Department indicates that the 59.6 million square feet area resulted in a per square foot price of Dh60. The real estate sector in Dubai has experienced remarkable growth in recent years, with 2023 sales reaching Dh411.7 billion, reflecting a 55% increase from the previous year.

There was a significant increase in both the total number of property sales transactions, reaching 133,300 transactions with a 37% rise, and the average property price per square foot, which saw a 14% escalation to Dh1,400.

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