Two big land parcels were mortgaged for Dh11.1 billion during the first trading session on Wednesday, marking the largest mortgage transaction in Dubai’s real estate market’s history.
The two adjacent plots are situated in the upscale Dubai Waterfront neighborhood and collectively occupy over 24.3 million square feet, according to statistics from the Dubai REST platform. Strong investor trust in the emirate’s premium development land is demonstrated by the average borrowing cost, which came out to roughly Dh456.6 per square foot.
This record-breaking mortgage deal, according to market analysts, demonstrates the ongoing momentum in Dubai’s real estate market because there is still a strong demand for expensive land and coastal properties. Experts credit the increased activity to long-term optimism about infrastructure-led growth across the city’s main new areas, attractive financing terms, and persistent interest from international investors.