In one of the biggest joint land transactions of its kind, a Dhs300m deal has been registered in Dubai’s coveted Jumeirah Golf Estates.
Buy/sell, rent/lease residential &
commercials real estate properties.
UAE-based real estate firms AveNew by RH, Pride and Property and Landsmith Real Estate announced the completion of the land deal on Monday.
Jumeirah Golf Estate among prime residential areas
The transacted land in Jumeirah Golf Estates overlooks an expansive view of the Fairways and houses over 1,500 villas, townhouses, and apartments. It is located in one of the top residential areas of Dubai, as per Knight Frank.
The property consultancy firm, noted in its Autumn 2023 report, that the area saw a quarterly increase of 15 per cent in per square foot (psf) prices and a whopping 88 per cent increase in prices since 2020.
This land sale deal underscores the strength of the Dubai real estate sector which has seen record growth figures this year. The report states, “With average prime transacted prices standing at Dhs3,740 psf or $1,018psf, Dubai remains one of the most affordable luxury home markets.
Nitin Chauhan, director of Landsmith Real Estate, said, “This land sale serves as a clear indicator that Dubai’s luxury real estate sector is poised for sustained growth and an upward trend in property prices. The sale is also a testament to Knight Frank’s list of the world’s top luxury real estate markets in2023, which placed Dubai at the top – accounting for 17 per cent of global sales in the segment,” he added.
“With that demand dynamic becoming apparent and the location of this plot, which overlooks unique views of two Fairways, there was bound to be interest from top developers,” noted Chauhan, a specialist in luxury villas, plots and apartments in prime locations.
Prime areas set new records
The land deal highlights the property market’s interest in unique selling points, which in this case, is the community’s immersion as a golfing destination. Jumeirah Golf Estate is surrounded by the landscapes of a luxury golf course, which is a renowned name in the annual calendar and has hosted 14 editions of the acclaimed DP World Tour Championship’s (European Tour) finals.
The Knight Frank report highlights the resiliency of Dubai’s real estate sector as its transactions surpass those of other global cities such as London and New York. “Demand for luxury homes in Dubai remains resilient and supply continues to lag. The volume of super-prime homes sold in Dubai, for instance, those priced at over $10m totaled $1.6bn in Q3 2023, while the total number of $10m home sales this year has hit a record 277.”
The report notes, “This builds on Dubai’s emergence as the world’s busiest $10m+ sales market during H1, ranking ahead of New York (125) and Hong Kong (109).”
Kunal Singh Sandhu, owner of Pride and Property, said, “We and our partners invested significant time and effort into this record-breaking transaction. There has been a major increase in buyers for luxury properties in Dubai and we think this is just the start for a promising segment. The best is yet to come for the luxury property market in Dubai.”