LAST PLOT IN DIFC DUBAI SOLD FOR 💲81 MILLIONS

Dubai International Financial Centre’s (DIFC) last remaining land plot was sold for AED289million ($78.7m) to a private family developer represented by Luxhabitat Sotheby’s International Realty.

Global real estate consultancy firm Knight Frank and CoReal have advised Emirates NBD on this successful first private sale of the 197.8k sqft plot with an estimated total build-up area of 2.2m sqft.

Located next to Burj Daman and opposite ICD Brookfield, the plot had been originally purchased in 2010 by Al Rihab Real Estate and was later subject to the first ever repossession order in 2021, granted by the DIFC courts in favour of Emirates NBD after a lengthy legal case

The bank then appointed Knight Frank and CoReal to sell the plot through a private treaty sale process, which received multiple buyer interest from across the world through several bidding rounds.

The advisors said that the final price of AED289m, which was a cash transaction, demonstrates not only the strength of the Dubai real estate market but its attraction as a key regional and global investment hub.

“A deal of this magnitude is monumental not just for DIFC, but also Dubai itself,” said Andrew Love, partner, head of ME Capital Markets and Commercial Agency at Knight Frank and Gaurav Shivpuri, founder and partner at CoReal.

It re-affirms Dubai’s position as one of the key global investment centres, signified by the vast amount of international buyer interest this land plot received. For DIFC as well, a mixed-use development such as this is invaluable and further expands the district’s diverse real estate portfolio offering,” they said.

With a total gross development value of the project is estimated at AED2bn, the luxury development is expected to include hospitality, residential, commercial and retail space.