Dubai-based real estate brokerage firm, W Capital, has compiled a list of Dubai’s 10 largest land deals since the beginning of this year, with a combined value of AED 8.6 bn, Invest-Gate reports.

According to the study, which analyzed data from the Dubai Land Department (DLD), the most significant sale in terms of value and area occurred in the “Maqtarah” area for residential purposes. This deal amounted to AED 3.87 bn, covering an expansive area of 203.1 mn square feet (sf) at a rate of AED 19 per sf.

Securing second place on the list was the sale of a residential land plot in Maqtarah, valued at AED 1.834 bn, spanning an area of 2.75 mn sf at a rate of AED 666.2 per sf. The third spot was claimed by a residential plot in “Al Sufouh 2,” covering an area of AED 33.108 sf and valued at AED 630.79 mn, priced at AED 19.05 per sf.

Moreover, the study further revealed that the fourth most notable deal was the sale of land in the Business Bay area for residential purposes, valued at AED 456.25. This land covered an area of 56,937 sf, amounting to AED 8,013 per sf. In fifth place was a residential land deal in the Al Wasl area worth AED 397, encompassing an area of approximately 76,7500 sf, at AED 5,173 per sf.

In the sixth position, a residential land plot in the Dubai Water Canal area was sold for a total value of AED 368.73, covering an area of 100,000 sf at a rate of AED 3,682 per sf. The seventh spot was taken by the highest-value commercial deal in the “Oud Metha” area, amounting to AED 350. This commercial land spanned about 331,790 sf, a rate of AED 1,054 per sf.

Furthermore, claiming the eighth position was the sale of a residential land plot in “Wadi Al Safa 7” for AED 285 mn. This plot covered an area of 1.654 sf, equating to AED 172.2 per sf. The ninth deal involved a land plot in the Trade Center 2 area, valued at AED 276, covering an area of 25,000 sf, at AED 11,039 per sf.

Finally, the tenth deal featured a residential land plot in the Burj Khalifa area worth AED 174.56, spanning an area of 51,439 sf, at a rate of AED 3,393 per sf

For his part, Walid Al Zarooni, the CEO of W Capital, commented on the surge in real estate transaction values, particularly in land sales. He attributed this growth to the robust momentum within the Dubai real estate market, driven by the demand from foreign investors and improved economic conditions.

Al Zarooni added, “Dubai has seen a significant influx of wealthy foreigners seeking to settle down and invest in commercial activities, particularly in the thriving real estate sector. The market has matured and is now meeting the highest international standards, resulting in record profits and enhanced ease of buying and selling properties.”