Dubai’s Canal Front Anticipates 40% Surge in Property Values Amid Major Investments
Driven Properties’ strategic acquisitions solidify its dominance in Canal Front.
Dubai, October 31, 2024
Driven Properties proudly announces the completion of an AED 259 million acquisition of two prime buildings in the Canal Front district along the Jumeirah Water Canal. This strategic investment solidifies the company’s standing as the largest property owner in the district, positioning it to capitalise on the area’s rapid growth potential.
This latest acquisition brings Driven Properties’ total investment in the Canal district—including existing and upcoming developments—to over AED 9 billion. The company forecasts a significant surge in property values within the next 12 months, anticipating prices to escalate by over 40%. Current averages of AED 2,700 per square foot are expected to rise to over AED 3,800 per square foot as property handovers commence and the community continues to flourish.
Facilitating this significant acquisition between Driven Properties and Mukarrib Holdings was Lina Allaoa, whose expertise and dedication were instrumental in securing the deal.
Drawing parallels with the remarkable appreciation witnessed in Amalfi Villas on Jumeirah Bay Island, Abdullah Alajaji, CEO and Founder of Driven Properties, envisions a similar upward trajectory for the Canal Front district:
“When Amalfi was launched at around AED 1,800 per square foot on Jumeirah Bay Island, the writing was on the wall. We took a position and placed all our clients in that development. Today, prices there are up by a factor of four.”
He added, “Currently, Canal Front prices are trading close to replacement value. The last G+8 plot in the district sold for over AED 1,700 per square foot on the GFA. When you factor in both soft and hard construction costs—even assuming 100% efficiency—as well as sales expenses, the overall development cost exceeds AED 3,000 per square foot. Owning at these levels is a no-brainer. This is especially true when compared to other canal developments currently averaging AED 5,250 per square foot. We see a convergence pattern emerging, similar to how Villa Amalfi prices caught up with other developments in Jumeirah Bay.”
The Jumeirah Water Canal district has rapidly evolved into one of Dubai’s most vibrant and sought-after locations, often hailed as the city’s “new billionaire’s row.” This prestigious title reflects the influx of ultra-luxury developments and high-net-worth investors drawn to the area. Offering a unique blend of waterfront living and urban convenience, the district boasts panoramic views, exclusive residential properties, and proximity to some of Dubai’s most iconic landmarks.
Since 2010, Driven Properties has established itself as one of Dubai’s leading real estate brokerages and property management companies, delivering award-winning, bespoke solutions tailored to every client aspiration. Driven Properties prides itself on its unwavering commitment to innovation, integrity, and building lasting relationships based on trust and credibility.
As the sole member of Forbes Global Properties in the UAE, Driven Properties has played a pivotal role in shaping the city’s luxury real estate landscape. Its dedicated team of over 600 specialists with in-depth market knowledge provides invaluable expertise at every step, from property selection to management, ensuring long-term value for investors and developers alike.
Driven Properties has brokered, including some of Dubai’s most prestigious, ultra-luxury destinations, leaving a lasting mark on the city’s skyline. Its portfolio boasts iconic projects like the Sea Mirror Villa on Jumeriah Bay Island and Rixos Financial Center Road Dubai Residences, solidifying its position as a market leader.
Looking ahead, Driven Properties remains dedicated to exceeding expectations and setting new benchmarks for excellence in Dubai’s dynamic real estate market. The company is committed to leveraging its expertise, innovation, and unwavering client focus to continue shaping the city’s future and pioneering new standards of excellence in the real estate industry.
For more information, visit: https://www.drivenproperties.com/
