DUBAI – A landmark canal-front property in Business Bay has changed hands for Dh362 million marking one of the most significant land transactions in the district and underscoring the continued appetite for prime development sites in Dubai's urban core.

The corner plot sits directly on the Dubai Water Canal and represents one of the few remaining genuine waterfront parcels available in Business Bay. The property offers direct access to the canal boardwalk and maintains frontage on one of the district's most prestigious locations positioning it as an ideal candidate for a high-end mixed-use development.

Driven | Forbes Global Properties brokered the transaction between seller Mukarrib Holdings and an undisclosed buyer with the deal reflecting the premium that developers are willing to pay for strategically positioned land in established neighborhoods.

Abdullah Alajaji, Founder & CEO of Driven | Forbes Global Properties, said Dubai's residential and development land markets continue to show depth and pace. "We're seeing steady absorption, disciplined supply and a clear premium for the best locations especially on the waterfront with no signs of slowing."

Transaction Activity Surges

Business Bay has recorded 10,682 transactions this year representing a 19.4% increase compared to the previous year according to DXBInteract data. The district's performance is driven by robust off-plan sales activity and its position as one of Dubai's most active real estate communities.

Kianoush Darban, Associate Partner at Driven | Forbes Global Properties, emphasized the international appeal of such developments saying it's the kind of waterfront living that international buyers and brands consistently ask for with high quality, easy enjoyment and strong connectivity.

Supply Constraints Support Premium Pricing

Waterfront plots in Business Bay are increasingly hard to find. Analysts expect Dubai's real estate market to stay strong as economic growth. The Dh362 million sale shows investors are willing to pay top prices for prime waterfront land.