Current averages of AED2,700 ($735.1) per square foot are expected to rise to over AED3,800 per square foot
Staff Writer, TradeArabia
Driven Properties has forecast a significant surge in property values in Dubai’s Canal Front district within the next 12 months, anticipating prices to escalate by over 40%.
Current averages of AED2,700 ($735.1) per square foot are expected to rise to over AED3,800 per square foot as property handovers commence and the community continues to flourish, said Driven announcing the completion of an AED259 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.
Total investment rises to AED9 billion
This latest acquisition brings Driven Properties’ total investment in the Canal district—including existing and upcoming developments—to over AED9 billion.
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 AED1,800 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.”
Convergence pattern
He added: “Currently, Canal Front prices are trading close to replacement value. The last G+8 plot in the district sold for over AED1,700 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 AED3,000 per square foot. Owning at these levels is a no-brainer. This is especially true when compared to other canal developments currently averaging AED5,250 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.-
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