Unprecedented deal: a plot of land on the canal in Business Bay was sold for 362 million dirhams

A record deal was recorded on the Dubai real estate market: a plot of land on the banks of the Dubai Water Canal in Business Bay went for 362 million dirhams. According to brokers at Driven Properties, this was the highest price ever recorded for land in this part of the city. This fact testifies to the continuing growth of investment activity in the premium segment of the real estate market.

According to Driven Properties, the plot occupies a favorable corner location with direct access to the water. The plot area is approximately 172,000 square feet, which allowed it to reach a price of 2,100 dirhams per square foot, one of the highest rates in the area. The buyer, whose name has not been disclosed, plans to build a mixed-use complex on the site, combining offices, apartments, and leisure areas. Experts note that the location is ideal for business due to its proximity to Downtown Dubai and Sheikh Zayed Road.

This record came amid a general upturn in the Dubai real estate market. According to reports, land prices in Business Bay have risen by 16.7% over the past year, from 1,800 to 2,100 dirhams per square foot.

A senior market analyst at consulting firm Knight Frank commented: “Such deals confirm investors' confidence in the emirate's long-term potential. After the pandemic, Dubai has become a magnet for capital from Europe, Asia, and the Middle East, especially in the premium real estate segment.”

In fact, in 2025, investment in commercial real estate has already exceeded 50 billion dirhams, which is 20% more than in 2024. Business Bay, originally conceived as a business center, is being actively developed. Dozens of modern buildings, including Bay Gate and The Opus, tower over the canal.

What does the sale of the new plot offer? First and foremost, it provides a dynamic impetus for development, attracting new investment and creating hundreds of jobs. According to representatives of Driven Properties, Business Bay is gradually transforming from an office district into a space where business life will be combined with the comfort and relaxing atmosphere of the waterfront.

But not everything is so smooth. Some critics predict the risk of overvaluation. This is because, with the growth in supply, real estate prices may stabilize. But, one way or another, the record highlights the resilience of the Dubai market amid global challenges such as inflation and geopolitical instability.

According to experts, the sector will continue to grow and may set new price benchmarks amid stable demand and expanding investment activity in the emirate.