GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking and Investments

 
  Share

Business Bay a key area for more land development says fäm Properties chief after company secured AED700 million plot deal

Dubai, UAE, 25 November 2017: The value of annual land sales in Dubai has risen by AED30 billion over the last five years, one of the emirate's biggest real estate brokerages revealed today, identifying Business Bay as a key area for further growth.

Firas Al Msaddi, CEO of fäm Properties, said that as of 9th November land sales for this year had reached AED68 billion compared to AED38 billion for the whole of 2012.

Underlining a growing land-for-development shift by investors, Al Msaddi said the company has just sold a AED150 million plot in Business Bay to a developer new to the Dubai market. 

They are now working together to develop a residential tower on the 500,000 sq ft plot in a deal which will ultimately be worth more than AED700 million.

“Since 2012, particularly in the Business Bay area, we've witnessed a definite upward trend for both the value of land transactions and the size of plots being bought,” said Al Msaddi.

“Over the past five years, with overall land sales in Dubai rising annually from AED38 billion to AED68 billion, Business Bay has seen an increase from AED482 million to AED3.3 billion. At the same time, the total area of land sold has grown from 731,000 sq ft to 2.5 million sq ft.”

Added Al Msaddi: “Business Bay has witnessed enormous improvements recently and the opening of the new canal extension has freed up the area for a new range of developments. The new developer we're working with there sees great opportunities in Dubai, and their first investment here will ultimately be worth upwards of AED700 million.”

Over the past few years, fäm Properties has transacted land sales in Dubai worth more than AED3 billion, and Associate Partner Tarek Bou Karroum says the growing demand for specialist land advisory services is a sign of how the market is maturing.

“Market conditions since 2014 have made it impossible to buy and sell land for profit in the short term, and the emphasis has shifted from speculation to developing plots as a long-term investment,” he said.

“Developers and individual investors who recognise the potential are turning to development management companies with a proven land advisory record to help them secure the best plots and build according to demand.”

Karroum has worked closely with Saudi-based ARTAR Real Estate Development on Mada Residences, the 36-storey luxury residential tower in Downtown Dubai set to be delivered on schedule next summer. 
 
He says the project is an example of how the Dubai property market is maturing, not only through the fading away of speculators, but also in the adoption of more sophisticated research, and marketing, to bring the best return on investment.

“There's a much bigger emphasis on market research in particular, not only to identify the right plot of land, but to develop property which meets demand because of a unique offering,” he said. 

Recently, fäm Properties topped AED1.6 billion in residential property sales at City Walk, the new destination developed and managed by Meraas in the heart of Jumeirah.



Posted by : GoDubai Editorial Team
Viewed 10669 times
Posted on : Saturday, November 25, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Dubai Free Zones Council, Federal Tax Authority Hold Second Informative Workshop on VAT Application
Next Story : 24th World Islamic Banking Conference to highlight how effective leverage of digital technologies is...
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Brow Contour Pro 4-in-1 defining & highlighting brow pencil
Jessica Kahawaty in Dubai to Celebrate the Launch of SUKIN, Australia's No.1 Nat...
BodyO launches officially its AiPod for a full body check-up during the Gitex Fu...
The World of Aigner Wunderkammer
Get flawless skin with Rodial's new Booster Drops
Johnson's launches Fresh Hydration Range – Cleansed, hydrated skin in just #OneSwipe
Manero Peripheral (43 Mm) Classic Watchmaking Meets State of,the Art Technology
Curate your perfect Autumn Winter wardrobe, with Robinsons
Fifi & Friends - Now available at more outlets across the UAE
Corum Heritage Eleganza- Dedicated to the stylish woman
Halloween “Catwoman” mask using BROW products
BOLLYWOOD PARKS™ Dubai introduces 11 new shows with a new line up of performance...
Dubai Shopping Festival Returns With Much-awaited Mega Raffles
With more collections and a more spacious car parking, Kalyan Silks moves to El...
Win up to 250,000 Gold coins at Malabar Gold & Diamonds this festive season
Joyalukkas Celebrates the Festival of Light with Irresistible Offers
OMEGA gets set to time the Youth Olympic Games Buenos Aires 2018
Malabar Gold & Diamonds to triple number of outlets to 750 and raise Group turno...
Dubai's newest social hub - Bar Baar introduces ‘Thela Baar Brunch'
Sharjah Government pavilion highlights digital transformation of Sharjah at GITE...
Hour Choice presents Coach Park Collection (Suede straps)
Introducing the Nokia 7.1 to the UAE
Saddle Up With kate spade Fall 2018
Michael Kors to Introduce a Special-edition Whitney Handbag for the Middle East
W Motors and Safe City Group introduce the BEAST PATROL at GITEX: One of the mo...
Be Thankful with Tub of Butter This Thanksgiving
CITIZEN Unveils 100th Anniversary Limited Edition Collection
Rado DiaMaster Ceramos Automatic
Scuderia Ferrari Aspire Watch Special Edition Gift Set
The Ford F-150 Raptor: Your Ultimate Partner for Off-Road Adventure
Sharjah Girl Guides Unleash their Power on International Day of the Girl Child
Toyota's legendary King goes urban with the 2019 Land Cruiser Grand Touring Edition
Nissan to Make Official On-track Formula E Debut
Western Digital powers AI-enabled storage for futuristic surveillance and security
Sunglasses Trends for Fall/Winter 2018
SIBF 2018 Invites Young Visitors to the Wondrous Land of Edutainment
Provacuno - Spain's largest Inter-professional Association introduces Spanish Be...
UAE Toastmasters community to host the world champion of public speaking
Healthcare leaders sign in Dubai a Call for Action to raise awareness about ‘sil...
Daikin eyes significant expansion of business in the UAE
Delizioso! The Week of the Italian Cuisine in the World Returns to the UAE
Dubai's Jehad Medical Clinic bags JCI for the third time
Synx, Pand.ai, and AIMLedge named winners of startAD's Artificial Intelligence V...
HUGO BOSS Watches Jump Collection
Dubai Business Women Council witnesses 36.5% growth in total membership since th...
Dubai Festival City Run 2018 to take place on November 9th
Epson Introduces the New A3 and A4 business inkjet aimed at busy workgroups duri...
Ministry of Human Resources and Emiratization (MOHRE) Honors Union Coop for its ...
Tissot Bella Ora Round Style incarnate
Avivo's Ribbon of Life Walk in support of Breast Cancer on 19th October