The purchase brings the Dubai firm’s total investment in the Canal district to AED9 billion, encompassing existing and planned developments
Driven Properties has completed an AED 259 million acquisition of two buildings in Dubai’s Canal Front district along the Jumeirah Water Canal, making it the district’s largest property owner.
The purchase brings the firm’s total investment in the Canal district to AED 9 billion, encompassing existing and planned developments.
The company projects property values to rise by 40 per cent within 12 months, with current prices of AED 2,700 per square foot expected to reach AED 3,800 per square foot as properties are handed over.
Driven Properties acquires $70mn Canal Front Properties in Dubai
The transaction between Driven Properties and Mukarrib Holdings was brokered by Lina Allaoa.
Abdullah Alajaji, CEO and Founder of Driven Properties said: “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. 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 per cent 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, now known as Dubai’s “new billionaire’s row,” continues to attract ultra-luxury developments and high-net-worth investors.
The location combines waterfront living with urban accessibility, featuring views and proximity to Dubai landmarks.
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