Dubai records massive land-sale deal of over Dh300 million

In Dubai's highly sought-after Jumeirah Golf Estates, the real estate companies AveNew by RH, Pride and Property, and Landsmith Real Estate have collectively completed a land sale transaction valued at over Dh300 million.

One of the top 10 lifestyle estates in the world, Jumeirah Golf Estates is a transit-oriented community featuring over 1,500 villas, townhouses, and flats connected to the metro. The prestigious DP World Tour Championship (European Tour) final tournament is also held in the opulent golf course neighborhood.

A deals of its kind in Dubai is indicative of the rising demand for golf course communities, which is being driven by a dearth of available stock, ongoing interest from local and international investors, and the UAE's reputation as an investment-friendly real estate market.

“Golf course-facing luxury villas are popular but limited in Dubai. That demand-supply dynamic, combined with the plot’s unique view of two Fairways, generated interest among top developers. After the project attains final form, it will epitomize luxury living in golf course communities,” observed Nitin Chauhan, director of Landsmith Real Estate.

According to Knight Frank's ranking of the world's leading luxury real estate markets for 2023, Dubai came in first place and accounted for 17% of the segment's global sales. This land deal at Jumeirah Golf in Dubai, which sold for more than Dh300 million, is a clear indication that the city's luxury market will expand and see overall price increases.

Source: Khaleej Times