Dubai’s real estate market witnessed a major property sale valued at AED60 mn, which was finalized for an apartment in the Dubai Water Canal area, Invest-Gate reports.

This transaction was part of the “One Canal” project, launched last year, bearing the luxurious Italian label, Fendi Casa.

According to data from the Land Department, the apartment overlooking the Dubai Water Canal spans 9,310 sqft, featuring five rooms and a lounge within Dubai’s real estate sales.

Moreover, Dubai’s real estate transactions totaled over AED539 mn. The Palm Jumeirah area topped the list regarding transaction value, with the sale of a commercial plot for AED66.8 mn.

It was followed by a deal in the Falcon City of Wonders area, selling a residential plot for AED64 mn, and another transaction in the Hajar Mountains area for a commercial plot valued at AED62 mn.

Furthermore, Ali Tumbi, CEO of Aqua Properties in the UAE, revealed the company’s readiness to launch two projects within six months, totaling an estimated value of AED3 bn.

Tumbi stated, “Aqua Properties is currently executing three projects, in addition to the two anticipated projects in the future. One includes a 50-story tower on Sheikh Zayed Road, while the company holds a land plot covering 300,000 sqft, the largest in the Arjan area.”

Notably, Tumbi highlighted the company’s aspiration to complete over 500 residential and commercial units in the 2024 Q1.