Plot prices in Dubai, especially across prime areas, have doubled, even quadrupled on some plots, in the past two areas and there is hardly any prime land plot available in the emirate as such Jumeirah Bay.
Due to the strong demand for real estate across the emirate in the post-pandemic period, plot sale rates have also skyrocketed on the back of high demand from local and foreign investors and developers as well as end-users to wish to build their own homes.
According to figures released by Dubai Land Department released on Friday, 189 plots were sold for Dh2.28 billion during this week ended on June 16. The top three transactions were land in Palm Deira for Dh167.88 million, followed by land sold for Dh136 million in Business Bay, and land for Dh125 million in Al Thanyah First.
In 2022, Metropolitan Premium Properties and Mallorca Properties closed Dubai's single biggest residential land transaction of Dh690 million deal for three sea-front plots at Dubai Marina.
Beachfront plots across Palm Jumeirah, La Mer, Pearl Jumeirah, and Jumeira Bay are in high demand. Supply is reaching extremely low in these areas and prices have quadrupled on some plots on Jumeirah Bay and Palm Jumeirah.
Plot used to trade at Dh350 per sqft of gross floor area in Downtown during pre-pandemic and currently, it is about Dh700 sqft. Plots all across Dubai, especially in sought-after locations, are at a premium, however, waterfront plots are the most in-demand, for example, in Palm Jumeirah, Dubai Water Canal, Business Bay, and mixed-use plots with a sea view in Jumeirah and Al Sufouh.
Additionally, prime locations near tourist attractions such as Dubai Mall, are in strong demand, too. For villas and townhouses, plots to develop a community are quite popular in Meydan and Dubai Land.
