Driven Properties, a leading real estate brokerage in Dubai, has announced the successful sale of the largest plot in Business Bay, marking a significant milestone in the Dubai real estate market. This transaction not only emphasizes the growing demand for premium real estate but also highlights Driven Properties’ expertise in managing complex, high-value deals in Dubai freehold property.
Details of the Sale:
The plot, strategically located at the cusp of an extension of Marasi Drive, spans an impressive 333,000 square feet with a gross floor area of 1,020,000 square feet. It is positioned within the Dubai Canal, offering 270-degree waterfront views, making it one of the most desirable locations in Business Bay.
This prime positioning enhances its appeal, particularly as the area seeks to develop more Grade A office spaces to meet the increasing demand from businesses and professionals in the city, further boosting capital appreciation Dubai real estate.
Market Context:
The sale occurs amidst a backdrop of rising prices in the Dubai real estate market, where neighboring Dubai off-plan property developments have seen prices soar past AED 7,000 per square foot. This trend underscores the urgency for more premium office spaces, such as those in Dubai Marina apartments and Palm Jumeirah villas, and solidifies Driven Properties’ reputation as a trusted provider in a competitive market. Investors seeking high-yield property Dubai are particularly attracted to such opportunities due to the promising ROI (Return on Investment) Dubai property.
Abdullah Alajaji, Founder and CEO of Driven Properties, commented on the significance of this deal, stating, –
“This landmark deal in Business Bay exemplifies Driven Properties’ expertise in navigating complex, high-value transactions. We’re proud to have facilitated the sale of this plot, which will pave the way for a sustainable office park project that aligns with Dubai’s vision of a vibrant and sustainable city.”
His statement highlights the company’s dedication to advancing Dubai’s urban landscape on delivering top-tier developments that meet the growing demand, particularly in areas like Dubai Hills luxury properties.
Future Developments
The sale facilitates the development of a sustainable office park by Lamar Development, which is set to address the critical shortage of high-quality office spaces in Business Bay and the broader Dubai area. The project is expected to feature a vibrant culture district, a performing arts theatre, and ultra-high-end office spaces, positioning it as a landmark destination for businesses seeking a modern work environment.
Additionally, the overall Gross Development Value for Lamar’s existing and upcoming developments across the canal is projected to exceed AED 12 billion (approximately $3.26 billion) due to this investment. The project aligns with Dubai real estate regulations, including Ejari registration and processes managed through platforms like Oqood (property registration platform).
Conclusion
In essence. this sale not only marks a pivotal moment for the company but also signifies a broader trend in Dubai’s real estate market. As demand for premium office spaces and Dubai property for sale continues to rise, developments like the upcoming office park will play a crucial role in shaping the future of Business Bay, making it an attractive hub for businesses.
It also shows that Dubai remains a top choice for global investors who trust in its long-term growth. Moreover, investors can now look forward to more innovative and sustainable projects that meet the evolving market needs.
