Thursday, December 7, 2023

Dubai Records Massive Land-Sale Deal of Over Dh300 Million

Dubai’s real estate market achieved a major milestone, witnessing a massive land sale deal exceeding Dh300 million. The transaction, a collaboration between UAE-based firms AveNew by RH, Pride and Property, and Landsmith Real Estate, occurred in the prestigious Jumeirah Golf Estates.

This substantial deal, one of the largest in Dubai, highlights the growing demand for golf course communities. Factors such as limited supply, sustained investor interest locally and globally, and the UAE’s reputation as an investment-friendly real estate market have contributed to this growth. Jumeirah Golf Estates, ranked among the world’s top ten lifestyle estates, features metro connectivity, over 1,500 villas, townhouses, and apartments, and hosts the final tournament of the acclaimed DP World Tour Championship (European Tour).

Luxury golf course-facing villas are highly sought after but limited in Dubai. The particular plot’s unique view of two Fairways attracted interest from top developers. Nitin Chauhan, director of Landsmith Real Estate, stated, “After the project attains its final form, it will epitomize luxury living in golf course communities.” Chauhan, involved in Dubai real estate since the inception of freehold properties, emphasized the dynamic of demand and supply.

Commenting on the landmark sale, Kunal Singh Sandhu, owner of Pride and Property, remarked, “We’ve witnessed an influx of luxury-property buyers in Dubaiā€”a promising sign for the segment. Pride and Property and partners invested significant time and effort in the record-breaking transaction. We believe the best is yet to come for luxury property in Dubai.” Pride and Property, specializing in luxury real estate since its launch in 2008, has been successful in launching and managing projects for reputable developers.

In 2023, Dubai topped Knight Frank’s list of the world’s top luxury real estate markets, constituting 17% of the segment’s total global sales. The land sale exceeding Dh300 million in Jumeirah Golf indicates a continuing upward trend in Dubai’s luxury segment, with a general increase in prices. This milestone reflects the resilience and attractiveness of Dubai’s real estate market on the global stage.

Related Articles

Latest Articles