This is a good time to go hunting for prime land plots that are almost impossible to buy when the market is booming, according to industry stakeholders.
The average land sales price in Dubai currently stands at Dh325 per sqft – this is an average across both freehold and leasehold areas, according to data provided by Reidin. This compares with Dh700 to Dh800 per square foot in 2007-2008.
The average transacted price per sqft for a land plot in Downtown Dubai and DIFC currently stands close to Dh2,000 per sqft. Meanwhile, the average price per sqft for a land plot in International City stands at Dh250 per sqft, according to Reidin data.
“That means huge savings in outlay and a properly planned development strategy can maximize the return on investment. Investors are taking advantage of the current low cost of prime land in Dubai to exploit profitable opportunities for development. Investors who fail to study the market in detail to ensure they pick the right plot and devise the correct development plan can destroy profits
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