In a notable development within the Dubai real estate market, 525 residential plots in Al Ruwayyah have been sold for an impressive total of 1.65 billion dirhams. This significant transaction occurred on Friday, further underscoring the vitality of the property sector in the region.
Details of the Sale
According to the Dubai Rest app, the total area of the sold lands amounts to 3.53 million square feet, translating to an average price of approximately 425 dirhams per square foot. Among the plots sold, the highest valued piece fetched 18.5 million dirhams, while the least expensive plot sold for 1.3 million dirhams.
Wider Market Activity
Overall, the Dubai real estate market witnessed transactions totalling 2.5 billion dirhams through 832 deals on the same day. Moreover, the market also recorded mortgage transactions amounting to 214 million dirhams across 111 dealings, alongside 20 gift transactions valued at 44 million dirhams.
This surge in real estate activity reflects continuing confidence in Dubai’s property market and its appeal to both local and international investors.