The consultancy firm recently entered a transaction for a size-able plot in Business Bay
Land in Dubai continues to hold its own as investors’ favourite, with such transactions now totalling Dh68 billion.
“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,” said Firas Al Msaddi, CEO of fäm Properties. In recent years, fäm has transacted land sales in Dubai worth more than Dh3 billion.
It recently secured land for a Dh700 million development. The company is working with a new entrant to Dubai’s property market on a residential tower in Business Bay with an estimated floor plan of half a million square feet. The land was sold by fäm for Dh150 million.
“We’ve witnessed a definite upward trend since 2012, particularly in the Business Bay area, for both the value of land transactions and the size of plots being bought,” said Al Msaadi. “Over the past five years, land sales have increased from Dh482 million to Dh3.3 billion and the size has grown from 731,000 square feet to 2.5 million square feet.
“The master community of the Business Bay has witnessed enormous improvements recently and with the opening of the new canal extension, has freed up the area for a new range of developments.”
The consultancy is also working with Saudi-based Artar Real Estate Development on the Mada Residences, a 36-storey luxury residential tower in Downtown Dubai and which will be delivered on schedule next summer.
All rights reserved to the initial publisher for Gulf News.
Collected and published by Arms &McGregor International Realty® editorial team. Get in touched with us at firstname.lastname@example.org