W Capital reports that the total value of the top 10 real estate transactions in Dubai for the current year has reached $1.4 billion.
According to W Capital analysis, the Dubai real estate sector is poised for another substantial year, with transactions having already surpassed $15 billion.
W Capital, a Dubai real estate brokerage, reported that the cumulative value of the 10 largest real estate sales deals in Dubai since the start of the year has exceeded AED 5 billion ($1.4 billion).
As per data from the Dubai Land Department, the overall value of real estate sales from the beginning of the year until mid-February stands at approximately AED 55 billion ($15 billion). This figure is a result of:
– Over 17,600 transactions
– 14,600 residential units
– 1,196 buildings
– 1,842 plots of land
Dubai real estate in 2024
Since the beginning of this year, the most substantial real estate transaction involved the sale of land in the “Dubai Investment Park II” area for residential purposes. The deal amounted to AED3.58 billion ($975 million) for an area of 59.656 million sq ft, valued at AED60 per foot.
In the second position, a plot of land in the Jumeirah Lake Towers area was sold for residential purposes, amounting to AED268.3 million ($73.5 million). The area covered 57,135 thousand square feet, and the price per foot was AED4,696.
Securing the third spot, a residential land deal in the “Al Mamzar” area was valued at AED182 million ($50 million) for an area of 27 thousand square feet, priced at AED6,740 per foot.
The study indicated that the fourth-largest deal involved the sale of land for residential purposes in the “Dubai Water Canal” area. This transaction was valued at AED170 million ($46.3 million) for an area of 30,000 square feet, with a rate of AED5,666 per square foot.
Fifth on the list was the sale of a residential apartment in the “Jazira 2” area, valued at AED140.45 million ($38.2 million). The area covered approximately 11,656 thousand square feet, and the price per square foot was AED12,048.
Taking the sixth position was the sale of a residential apartment plot on “Island 2” with a total value of AED137.35 million ($37.4 million). The area encompassed 11,654 thousand square feet, and the rate was AED11,785 per foot.
Seventh on the list was the sale of land for residential purposes in the “Al Habiyah Six” area, valued at AED122.308 million ($33.3 million). The area covered about 242.19 thousand square feet, and the rate was AED505.
In the eighth position, a plot of land for residential purposes in Dubai Maritime City was sold for AED120.5 million ($32.8 million). The area measured 40.01 thousand square feet, priced at AED3,011 per square foot.
The ninth transaction involved the sale of a plot of land for commercial purposes in the “Warsan 4” area, valued at AED120.318 million ($32.75 million). The area covered 68,540 thousand square feet, and the rate was AED173 per foot.
Lastly, the tenth deal was the sale of a plot of land for commercial purposes in the “Warsan 4” area for AED113.989 million ($31 million). The area measured 572.42 thousand square feet, with a rate of AED198.9 per square foot.
W Capital CEO, Walid Al Zarooni, stated that the real estate market in Dubai has experienced a record start this year, reflecting sustained growth in investments and residential demand. He emphasized the market’s attractiveness for investment opportunities, with sales potentially reaching between AED450 billion and AED500 billion ($123 billion – $136 billion) this year, thanks to Dubai’s global leadership and the sector’s adherence to international standards.
