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 10266 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
NARS Erdem SS19 Beauty Report
Diana Arno Expands Online Shopping to Middle East
Introducing VK Beauty Lounge & Bar
Introducing Home Fragrance at Robinsons, Dubai Festival City
Defying Age With Skin Republic's Gold and Platinum Face Masks
The Future Is Here
Roberto Cavalli's Exclusive Duo of Fragrances
Lacoste.12.12 Collection
Bring a Touch of Sophistication to Your Home with The Exclusive SmegXDolce&Gabba...
Trevor Sorbie Range Relaunches in the UAE
FOREO To Attend TFWA: the World's Largest Travel Retail Show
Carl F. Bucherer Celebrates Debut of Its Online Boutique on Jd.Com Launch of Lim...
GROHE Smart Home: The App-Controlled Water Security System
Le Meridien Dubai Hotel & Conference Centre's Restaurant Promotions- October
William Collection by Hugo Boss
Honda voted “Preferred Sedan Car Brand of the Year” for the fourth year in a row
Al-Futtaim ACE launches its stylish new Outdoor collection
Al-Futtaim Toyota swoops another win at the Filipino Times Awards
Pamper yourself at Perfumery & Co this month, at The Dubai Mall
Dubai Design Week continues to grow, cementing Dubai as the design capital of t...
O Boticário Opens in Dubai its First Amphora Store outside Brazil Come Join...
Tips & Toes Hits the Big 3-5!
Mousses Etoiles to reveal the latest luxury designs of commercial-use outdoor fu...
Honor Set to Go Beyond Limits With the Launch of Honor 8x
The Mummies of Dubai Give Their Kids a Preppy Style Makeover
Tata Communications launches a specialised cyber security lab at Shanmugha Arts,...
Hyperloop Transportation Technologies, Partners, and Government Stakeholders Mov...
Consonni Wraps Up La Vuelta a Espana With a Seventh Place Finish for UAE Team Em...
Dubai Parks and Resorts Celebrates Saudi National Day
Eberhard & Co. Scafograf 100 For Elegant Lady
Ministry of Human Resources and Emiratisation, Huawei and Honor launch ICT Compe...
New GUESS Handbags for FW18
Akamai Unveils Solutions at IBC 2018 Designed to Mitigate the Challenges and Cos...
du Wins Smart Cities Award at the Telecoms World Middle East 2018
Abu Dhabi wins bid to host 2022 ITU Grand Final in world first
Cadillac XT4 Delivers Dynamic Driving Experience
du Opens New Business Centre in DIFC for Enterprise Customers
Huawei Deepens Cooperation with Duisburg to Transform Germany's Industrial Hear...
Volunteers from the UAE join hands with the community in Tasset Peulh village in...
Sharjah's Recognition as ‘Accessible City for Physically Disabled' Hailed as His...
New Homologations for Pirelli Tyres
The Dubai Business Women Council meets with the UN Assistant Secretary-General t...
Dubai Festival City Mall Celebrates KSA National Day with Special Imagine Show
WWE® Crown Jewel Set for November 2 in Saudi Arabia
Registration for the 5th edition of Camel Trek is now open
New Headmaster for Repton School, Abu Dhabi School's Rose Campus (FS1 to Year 1...
Huawei becomes one of the first multi-national technology companies to register ...
Lenovo Reveals Intelligent Solutions & Partnerships at Transform 2.0
Mobility MEA becomes the first approved Android zero-touch enrollment partner fo...
His Highness Sheikh Ahmed bin Saeed Al Maktoum receives the President and Vice C...