Record AED 362mln Canal-Front Land Sale Sets A New Benchmark For Business Bay

A prime, waterfront plot on the Dubai Water Canal in Business Bay has sold for a record-breaking AED 362 million, reflecting a market that remains exceptionally liquid. The seller was Mukarrib Holdings, and the transaction was brokered by Driven | Forbes Global Properties.

Positioned on the Dubai Water Canal and among the last true canal-front opportunities in Business Bay, the corner site offers an ideal platform for a mixed-use project and premium retail.

It opens directly onto the canal boardwalk for effortless walking and cycling, with swift links to Sheikh Zayed Road and Al Khail Road. Looking ahead, planned stations on the Zabeel Track, Gold Line, and Express Line within roughly 500 meters will further strengthen connectivity.

“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.” said Abdullah Alajaji, Founder & CEO of Driven | Forbes Global Properties.

Developers continue to face a constrained pipeline of prime plots, with waterfront sites being exceptionally rare. Business Bay remains one of Dubai’s top-selling communities, supported by robust off-plan activity. That context of limited supply and durable demand helps explain a record-setting AED 362 million land price for a site with this visibility and scale.

“Between the buildable area, height, and location, there’s real room to design something special,” said Lina Allaoa, Associate Partner at Driven | Forbes Global Properties, who acted as an advisor to Mukarrib Holdings.

“It’s the kind of waterfront living that international buyers and brands consistently ask for: high quality, easy to enjoy, and well connected.” added Kianoush Darban, Associate Partner at Driven | Forbes Global Properties.