Driven Properties Sells Emaar Square 3 in Downtown Dubai for $197m
Driven Properties has sold the Emaar Square 3 commercial building in Downtown Dubai to a foreign investor for $197.4 million (AED 725 million), in what the company's founder and CEO Abdullah Al Ajaji said was the largest real estate transaction recorded in the area since the start of the year.
Al Ajaji told Al Bayan newspaper that approximately $128.2 million (AED 471 million) of the transaction was financed through bank lending, representing around 65% of the total acquisition value. He said the deal reflects strong investor demand for high-quality Grade A commercial real estate in Dubai.
Driven Properties acquired Emaar Square 3 for $137.5 million (AED 505 million) in 2024 before selling the building for $197.4 million (AED 725 million), representing an increase in value of approximately $59.9 million (AED 220 million), or 43.6%, in less than two years.
Al Ajaji said the company generated a profit on the investment, with the increase in the building's value driven by strong demand for high-quality commercial properties and limited availability of Grade A office space in Dubai's prime locations.
Emaar Square comprises six commercial buildings in the heart of Downtown Dubai. Emaar Square 3 is an eight-story building spanning approximately 379,000 square feet, putting the latest sale price at around $521 (AED 1,914) per square foot.
The transaction highlights continued foreign investor appetite for large-scale commercial real estate in Dubai, particularly institutional-grade office assets in prime locations, amid strong demand across the emirate's office market.
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