Dubai real estate saw three land plot sales with a total value of AED 820 mn registered this month, according to Dubai Land Department data, Invest-Gate reports.

The first 9,302 sqm residential plot in Dubai Water Canal sold for AED 368.7 mn at 39,637 per sqm. The second 2,322 sqm commercial plot went for AED 76 mn, at AED 118,800 per sqm. A third 4,778 sqm plot in Burj Khalifa was sold for AED 174.56 mn, or AED 36,528 per sqm.

Additional August deals include a 9,797 sqm plot for AED 81.2 mn in Emirates Hills, two more Emirates Hills plots of AED 70 mn and AED 56.89 mn, and an AED 53.8 mn sale in Al Quoz Industrial.

In hotels and office apartments, August has seen three sales above AED 10 mn – one for AED 44.3 mn.

Walid Al Zarooni, the founder and Chairman of W Capital Real Estate Brokerage, said wealthy foreigners are flocking to Dubai for its real estate stability, profits, and ease of transactions. He added luxury sales of over AED 50 mn to confirm Dubai’s position as a global capital for the rich.

Al Zarouni foresees continued momentum for luxury real estate as more ultra-high-net-worth individuals arrive, drawn by Dubai’s unmatched security, safety, and business environment.