Dubai real estate continues to be one of the most favourable investments in the UAE. New research has singled out Business Bay as a key area for further growth as over the last five years, as the value of annual land sales in Dubai has risen by AED30 billion ($8.17 billion). Land sales for 2017 has reached AED68 billion so far compared to AED38 billion for all of 2012, according to fäm Properties, one of the emirate’s biggest real estate brokerages.

Firas Al Msaddi, CEO of fäm Properties, said: “Since 2012, particularly in the Business Bay area, we’ve witnessed a definite upward trend for both the value of land transactions and the size of plots being bought.” The company has transacted Dubai land sales worth more than AED3 billion in the last few years.

“Over the past five years, Business Bay has seen an increase from AED482 million to AED3.3 billion. At the same time, the total area of land sold has grown from 731,000 sq ft to 2.5 million sq ft.”

“Business Bay has witnessed enormous improvements recently and the opening of the new canal extension has freed up the area for a new range of developments. The new developer we’re working with there sees great opportunities in Dubai, and their first investment here will ultimately be worth upwards of AED700 million,” he added.

Fäm Properties has just sold a AED150 million plot in Business Bay, with the 500,000 sq ft plot set to be a residential tower, which will ultimately be worth more than AED700 million. The developer is new to the Dubai market.

“Market conditions since 2014 have made it impossible to buy and sell land for profit in the short term, and the emphasis has shifted from speculation to developing plots as a long-term investment,” said fäm Properties Associate Partner Tarek Bou Karroum.

City Walk, the new destination developed and managed by Meraas in the heart of Jumeirah has topped AED1.6 billion in residential property sales for fäm Properties.

For further information, email fäm Properties via the contact details below.

Source: fäm Properties

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