Record-Breaking Mortgage for Waterfront Land in Dubai

Dubai's real estate market witnessed a historic mortgage transaction on Wednesday, with two land parcels in the Dubai Waterfront area mortgaged for a record Dh11.1 billion. The plots, spanning approximately 24.3 million square feet, translate to an average mortgage rate of Dh456.6 per square foot. This significant deal underscores strong investor confidence in prime development land within the emirate.

Market analysts attribute this record-breaking activity to sustained foreign investment, favorable financing conditions, and long-term optimism regarding infrastructure-driven growth in Dubai's new districts. The robust demand for high-value land and waterfront locations continues to fuel the momentum in the property sector.

Khitam, the Chief News Editor, has over two decades of experience reporting on national and regional news from Dubai. Her career began as a translator, progressing through various editorial roles, and now focuses on delivering timely and accurate news, particularly concerning the UAE, GCC, and broader Arab affairs.

Inspired by her family's experiences and a defining encounter with Margaret Thatcher in her youth, Khitam is dedicated to providing insightful and engaging news coverage, making her a trusted source for news in the region.