Dubai Residential Plot Prices Surge 60% Amid High Demand

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Dubai is experiencing a surge of up to 60% in residential plot prices driven by an unprecedented demand, particularly in the post-pandemic period. Areas like Business Bay, Downtown, Marina, and Palm Jumeirah are witnessing either a lack of new plot availability or nearing full capacity, leaving only a few plots for new tower developments.

Real estate executives note that beach-front properties, especially along the E-11 highways like Marina and Palm Jumeirah, as well as in Downtown and Business Bay, have seen higher increases in both demand and prices. Interestingly, developers from Europe, Asia, and the Middle East have entered Dubai's property market, contributing to the heightened demand for plots for property developments.

Luxury residential villa plots, such as those in Jumeirah Bay, Palm Jumeirah, Pearl Jumeirah, and La Mer South Island, have witnessed substantial price increases. Average price hikes in these areas range from 25% to 30%, with Jumeirah Bay experiencing even higher increases at 45% to 50%, according to John Allen, CEO of valuation and advisory at Asteco.

He highlighted a significant surge in prices for non-beachfront plots in Pearl Jumeirah, while areas with limited vacant plots, like Emirates Hills, are experiencing increased competition, as well as redevelopment and refurbishment projects.

Rizwan Sajan, chairman and founder of Danube Group, mentioned that plot prices in most areas have risen by 20-30%, while some areas have seen an increase of 50-60%. He pointed out a 50% increase in plot prices in Maritime City.

With limited availability in Downtown and Business Bay, Sajan anticipates a rapid increase in plot prices, emphasizing the swift appreciation of plots in these prime locations.

Asteco's John Allen added that there is high demand for residential villa plots in Jumeirah Bay and Palm Jumeirah, along with robust demand for commercial development plots in Business Bay and Dubai Water Canal. Commercial development plots with canal frontage have seen a remarkable increase of around 60% in a year.

Established communities like Emirates Hills have largely reached full capacity in terms of plot availability. Plots in communities located off the E11Rd Corridor, such as Dubai Marina, Downtown Burj Khalifa, Palm Jumeirah, and Business Bay, are scarce. However, several residential communities, including Jebel Ali Hills, Meydan, and Nad Al Shiba, still offer a range of choices.

In the commercial sector, various plots are available within secondary located master developments such as Al Jadaf, International City Phase 2, Dubai Land Residence Complex, Liwan, Arjan, Majan, and Jumeirah Village Circle (JVC).

The surge in demand for plots reflects the dynamic landscape of Dubai's real estate market, with certain areas experiencing remarkable growth while others face saturation and increased competition for available plots.

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