Dubai: Residential plot prices jump up to 60% as some areas reach their full capacity

Dubai: Residential plot prices jump up to 60% as some areas reach their full capacity

Prices of plots for the development of villas and residential buildings have increased by up to 60 per cent in Dubai due to the frenzy around new developments to meet the unprecedented demand in the post-pandemic period.

Some of the areas of Dubai such as Business Bay, Downtown, Marina and Palm Jumeirah have either no availability of new plots or they’re close to reaching their full capacity, with just a few plots left to develop new towers.

Real estate industry executives say that demand and prices of beach-front properties have seen higher increases, especially on the E-11 highways such as Marina and Palm Jumeirah as well as in Downtown and Business Bay areas.

Interestingly, many new developers from Europe, Asia and the Middle East have also forayed into Dubai’s property market to cash in on the higher returns, leading to higher demand for plots for property developments.

Moreover, some mega new communities have come up in the emirate such as the $20-billion The Oasis by Emaar and Dh30 billion Venice by Azizi Developments, resulting in higher demand for residential projects development.

“Residential villa plots, particularly in luxury segments like Jumeirah Bay, Palm Jumeirah, Pearl Jumeirah, and La Mer South Island, have experienced substantial price increases.